Company: CNCKW
Filing Date: 2025-09-10
Form Type: 424B3
Source: 0001213900-25-086398
Chunk: 33

Company: Coincheck Group N.V.
Filing Date: 2025-09-10
Form: 424B3
Chunk 33
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 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 increase user adoption of decentralized and noncustodial platforms. Further, transaction fees on decentralized exchanges may be lower than ours. Decentralized exchanges also do not require their users to fill out “know -your -customer,” or “KYC” forms, offering an additional layer of privacy to those who use them. Such decentralized exchanges and platforms also tend to have lower start -upand entry costs as market entrants often remain unregulated and have minimal operating and regulatory costs, and often have lower transactional fees for users. A significant number of decentralized exchanges or platforms that have been developed and released, including on Ethereum, Avalanche, Tron, Polkadot and Solana, have experienced significant growth and adoption. We expect interest in decentralized and noncustodial exchanges and platforms to grow further