Coincheck, a Japanese wallet and cryptocurrency exchange, has announced plans to list on the Nasdaq stock market through a special-purpose acquisition with Thunder Bridge Capital.
According to a release, the exchange will become a subsidiary of Coincheck Group BV (CCG), with the goal of becoming a SPAC on the Nasdaq by the end of the year, with a pre-money value of $1.25 billion.
It consists of many businesses in the fintech and cryptocurrency industries seeking to list through SPAC. The company said that CCG would still be a part of Monex Group, which bought the exchange in 2018.
In the past, various hacks have shaken the cryptocurrency exchange. The data breach in 2020 may have exposed personal information such as registration address and birthday. This comes on the back of a different attack in which over a half-million dollars was taken in 2018.
However, it has lately found its way into NFTs by introducing a beta non fungible token marketplace. The company claims that the additional income from the listing would be used to expand its offerings for its Japanese customers while also improving its security infrastructure.