Company: CNCKW
Filing Date: 2025-07-30
Form Type: 20-F
Source: 0001628280-25-036727
Chunk: 82

Company: Coincheck Group N.V.
Filing Date: 2025-07-30
Form: 20-F
Item: Item 3
Chunk 82
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31, 2025, we had ¥44,479 million in crypto

asset borrowings, an increase from ¥44,020 million in crypto asset borrowings as of March 31, 2024, and the top ten

lenders accounted for 11% of our crypto asset borrowings as of March 31, 2025. Under the borrowing agreements,

there is no restriction on our use of the borrowed crypto assets during the relevant lending period.

Coincheck Lending has two business objectives. One, is to be able to facilitate more promptly the

settlement of customer transactions and the completion of transfer requests. Because our customers’

cryptocurrencies are held in custody in segregated cold wallets, they are not accessible for immediate settlement of

trades or transfers out of customer accounts. We therefore borrow certain amounts for deposit in our hot wallets to

be able to facilitate more prompt settlement. Our other objective is the fee offered to customers, which we view as

another account benefit that we offer to help attract, engage and retain customers.

See, also, “ - Account Management and Custody of Customer Crypto Assets” below.

Web3-Related Services

“ Web3” can be explained as follows: Blockchain being deployed to new ends (meaning other than for

cryptocurrencies). Examples include (1) NFTs, which are the creation of “digital deed” ownership records of unique

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digital objects - or nonfungible tokens (as previously described, the Coincheck NFT Marketplace offers these), (2)

DAOs, or “decentralized autonomous organizations,” which raise and spend money, but all decisions are voted on

by members and executed by encoded rules, and (3) DeFi, or “decentralized finance,” which aims to remake the

global financial system. The totality of these efforts is called “ Web3.” Web3 can be viewed as a convenient

shorthand for the project of rewiring how the web works, using blockchain to change how information is stored,

shared, and owned. Advocates argue that Web3 will create new economies, new classes of products, and new

services online, return democracy to the web, and define the next era of the internet.

Our Web-3 related services, including initiatives we may consider, can involve services both to the

companies creating or involved in Web3 businesses or projects, such as issuers, owners or sellers of NFTs, including

gaming companies using blockchain to deliver their products, and companies that