Company: CNCKW
Filing Date: 2025-07-30
Form Type: 20-F
Source: 0001628280-25-036727
Chunk: 114

Company: Coincheck Group N.V.
Filing Date: 2025-07-30
Form: 20-F
Item: Item 4
Chunk 114
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 customers as they reach their 
prime earning years. We believe that this, combined with our constant innovation and robust compliance 
infrastructure, position us to capitalize on the potential growth of the Japanese crypto economy.
Our Marketplace platform offers our customers access to 30 cryptocurrencies, including Bitcoin, Ethereum 
and XRP, while our Exchange platform, which offers 20 cryptocurrencies, is geared more towards sophisticated and 
institutional crypto investors and provides liquidity support for transactions on our Marketplace platform.  We 
believe we are well positioned to benefit from increasing adoption of cryptocurrencies and other new technologies 
within Japan, the world’s fourth largest economy. We currently derive most of our total revenue from transactions 
on our Marketplace platform.
We also continue to be an innovator in the Japanese crypto economy with the goal of providing to Japanese 
customers and institutions broad access to technological developments in the industry. For example, we offer our 
Coincheck NFT Marketplace, a separate display screen for our customers, which we expect to have synergies within 

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our retail customer base, and conducted Japan’s first IEO during 2021.  Our smartphone application is our main 
point of contact with our customers, and we believe it provides a user friendly experience with sophisticated user 
interface and experience. To maintain the quality of customer experience, we continuously invest in flexible system 
and software development, and engineers and product developers accounted for 36.6% of our staff as of March 31, 
2025.
We believe that having recently become a publicly traded company listed on Nasdaq will help us access 
international capital markets, increase our ability to make acquisitions of crypto businesses both inside and outside 
of Japan, and enhance hiring and retention of key personnel via equity compensation incentives. 
<{self.tag} alt="{self.alt}" src="{self.src}"><{self.tag} alt="{self.alt}" src="{self.src}">Our Market Opportunity
Crypto assets are becoming more accepted as a new asset class.
Since 2020, the number of institutional investors who regard crypto assets as a meaningful investment class 
has been expanding rapidly. In Japan, Nomura has entered into the crypto asset custody business and Mitsubishi UFJ 
Trust announced in April 2025 that it plans to begin issuing a stablecoin. We anticipate that the infrastructure for 
institutional investors in Japan that wish to conduct transactions in crypto assets will continue to improve over time.  
In North America, beginning in 2021 with the ProShares Bitcoin Strategy ETF, there are now approximately 40