Company: CNCKW
Filing Date: 2025-01-28
Form Type: F-1
Source: 0001213900-25-007203
Chunk: 172

Company: Coincheck Group N.V.
Filing Date: 2025-01-28
Form: F-1
Chunk 172
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 hedge against price risk between the price of BTC and fiat currency, for a customer purchase order denominated in fiat currency, we will use fiat currency to purchase the corresponding amount of BTC needed to purchase such crypto asset and fulfill 117

the customer’s purchase order and then deduct the applicable amount of fiat currency from the customer’s account. The crypto asset acquired on behalf of the customer will be deposited into the segregated cold wallet in which we maintain the customer’s crypto assets, normally within 24 hours. Settlement of cover transactions usually occurs within 20 to 30 seconds of the initial buy/sell order transaction. We assume that the average frequency of cover transactions is once every 20 to 30 seconds, and that the frequency and the time it takes to settle can be considered to be the same, given the constant stream of orders from users on our platform and the limited size of our positions. In selecting cover counterparties, we conduct a credit investigation and KYC process before transacting with them. The bid -askspread that we recognize for individual transactions does not change based on the manner of covering any open position created. Exchange Platform We also act as an intermediary to match sellers and purchasers on our Exchange platform between customers selling and other customers purchasing cryptocurrencies, where 15 different types of cryptocurrencies can be traded as of September 30, 2024.We also place orders on our Exchange platform to execute cover transactions. Order books are created where sellers and purchasers share their respective trading prices, and once orders with similar trading prices and conditions are matched, these transactions are executed and settled immediately. Under our terms of service, a sales contract binding on both parties is formed as soon as a match is completed and the trade is immediately executed and settled. Although we provide a platform for customers to buy and sell cryptocurrencies in this manner, we historically have not charged commissions to retail customers of our Exchange platform. However, we began charging commissions of 0.05% or 0.1% for the purchase and sale of Ethereum Classic (“ETC”) beginning August 10, 2022 and Palette Token (“PLT”) beginning December 7, 2022, and we also began charging the same amount of commissions for the purchase and sale of FiNANCiE (“FNTC”) beginning January 10, 2024, Brilliantcrypto Token (“BRIL”) beginning June 17, 2024 and IOST on September4, 2024. We derive benefit from our Exchange platform by trading on it as a transacting party on the same