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

Company: Coincheck Group N.V.
Filing Date: 2025-07-30
Form: 20-F
Item: Item 3
Chunk 25
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 subject to strict limitations on its use under the regulations applicable to us as a crypto

asset exchange service provider in Japan. To the extent that any of the private keys relating to our hot or cold wallets

containing crypto assets held for our own account or for our customers is lost, destroyed, or otherwise compromised

or unavailable, and no backup of the private key is accessible, we will be unable to access the crypto assets held in

the related wallet. Further, we cannot provide assurance that our wallets will not be hacked or compromised. Any

loss of private keys relating to, or hack or other compromise of, digital wallets used to store our customers’ crypto

assets could adversely affect our customers’ ability to access or sell their crypto assets, require us to reimburse our

customers for their losses, and subject us to significant financial losses in addition to losing customer trust in us and

our products.

26

If we fail to retain existing customers or add new customers, or if our customers decrease their level of

engagement with our products, services and platform, our business, operating results, and financial condition

may be significantly harmed.

Our success depends on our ability to retain existing customers and attract new customers and to increase

engagement with our products, services and platforms. To do so, we must continue to offer leading technologies and

ensure that our products and services are secure, reliable and engaging, and competitively priced. We have

historically targeted retail investors new to investing in crypto assets, and the quality of our UI/UX, especially for

smartphone users, and the provision of information to such investors is a key competitive factor. (UI refers to user

interface design, a human-first approach to product design that focuses on the effectiveness of products, and UX

refers to user experience design, a human-first approach to product design that focuses on the aesthetic experience of

products.) There is no assurance that we will be able to retain our current customers or attract new customers, or

keep our customers engaged. In particular, as the majority of our total revenue is currently derived from Japanese

retail customers, we are sensitive to any changes in sentiment among retail investors. Moreover, as we seek to attract

new customers, we may try to expand to institutional customers within Japan, and we may be unsuccessful in any

such expansion efforts due to differences in needs and expectations between Japanese institutional and retail

customers. Any number of factors can negatively affect our customer retention, growth, and engagement, including

if:

• customers