Company: CNCKW
Filing Date: 2025-07-30
Form Type: 20-F
Source: 0001628280-25-036727
Chunk: 78

Company: Coincheck Group N.V.
Filing Date: 2025-07-30
Form: 20-F
Item: Item 3
Chunk 78
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 asset can be screened before transfer using a blockchain analysis tool;

• the asset can be safely stored and transferred in our system or otherwise without difficulties;

• our offer and support of the asset can properly and reliably fulfill obligations under the PSA; and

• the transfer record of the asset can be traced without any difficulties.

We further evaluate the following risks to satisfy ourselves that our offer and support of the cryptocurrency

is unlikely to create risk exposure which exceeds our risk appetite or that we otherwise consider to be too high or

unreasonable a risk for us:

• market risk: the risk of significant price decline due to oversupply and other factors;

• operating risk: the risk the asset may fail to continue to be available;

• liquidity risk: the risk that holders are unable to transfer or redeem the asset due to low liquidity; and

• other risks that are general to crypto assets or unique to certain assets, including hacking risk, risk of

losing the asset due to falsification of records and reputation risk to us.

Coincheck Staking

In January 2025 we announced the launch of our “staking” reward program, Coincheck Staking, for

Ethereum (ETH), from which both we and our customers benefit. Staking rewards are a way for cryptocurrency

holders to earn more of the same cryptocurrency by actively participating in the blockchain network. By locking up

their crypto in a dedicated hot wallet, these users help to validate transactions and maintain the crypto network’s

security. In return, they receive additional cryptocurrency as a reward. We facilitate our customers’ staking of ETH

via our role as the custodian and account manager for our customers deposited cryptocurrencies and using a third-

party provider’s staking platform service. When the customer’s staking reward is received by us, we pass it through

to the customer’s account, less our service fee (which we currently share with our third-party staking platform

service provider). While we currently use a third-party staking platform provider to facilitate our customers’ staking,

we acquired the staking platform service provider Next Finance in March 2025 for, among other reasons, to be able

to have our own staking platform and not have to share our service fee with a third-party platform provider. We

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expect to complete our integration and testing, and be able to provide Coincheck Staking to our customers using our

own (i. e. Next Finance’s) staking platform service, during the 2026 calendar year. Coincheck Staking