Company: CNCKW
Filing Date: 2025-08-29
Form Type: POS AM
Source: 0001213900-25-082038
Chunk: 33

Company: Coincheck Group N.V.
Filing Date: 2025-08-29
Form: POS AM
Chunk 33
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 and larger market shares; •larger sales and marketing budgets and organizations; •more established marketing, banking, and compliance relationships; •greater customer support resources; •greater resources to make acquisitions; •lower labor, compliance, risk mitigation, and research and development costs (in total cost or as a percentage of total revenue); •larger and more mature intellectual property portfolios; •a greater number of applicable licenses or similar authorizations, including registration as a Type I Financial Instruments Business operator (derivatives, margin, and proprietary securities transactions) in Japan (although we plan to apply for a Type I license later this year, we do not currently have one, acquiring one requires substantial increased capitalization and regulatory approval, and there is no assurance that we will be approved or decide or be able to provide such increased capitalization, which we estimate may require approximately an additional several billion yen of net capital for Coincheck); •established core business models outside of the trading of crypto assets; •operations in jurisdictions with lower compliance costs and greater flexibility to explore new product offerings; •the ability to offer decentralized and noncustodial platforms; and •substantially greater financial, technical, and other resources. If we are unable to compete successfully, or if competing successfully requires us to take costly actions in response to the actions of our competitors, our business, operating results, and financial condition could be adversely affected. 17 We compete against a growing number of decentralized and noncustodial exchanges and platforms and our business may be adversely affected if we fail to compete effectively against them. We compete against an increasing number of decentralized and noncustodial exchanges and platforms. On these exchanges or platforms, users can interact directly with a market -makingsmart contract or on -chaintrading mechanism to exchange one type of crypto asset for another without any centralized intermediary. We believe that these exchanges and platforms are typically not as easy to use as our cryptocurrency platforms, and generally lack the speed and liquidity of such kinds of well -operatedplatforms, like we believe ours to be, but various innovative models and incentives have been designed to bridge the gap. Also, decentralized and noncustodial exchanges and platforms are often thought to be less vulnerable to hacking since users do not need to transfer their assets to a third party, and therefore have more exclusive control over their assets. Concerns about the security of assets following incidents on crypto exchanges, such as the Chapter 11 bankruptcy filing of FTX and allegations of fraud and mismanagement of funds against its founder and former CEO, may also