Company: CNCKW
Filing Date: 2025-03-27
Form Type: F-1/A
Source: 0001013762-25-003470
Chunk: 43

Company: Coincheck Group N.V.
Filing Date: 2025-03-27
Form: F-1/A
Chunk 43
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 expect these companies to continue to develop products and technologies that compete with our products. Further, more traditional financial and non -financialservices businesses may choose to offer crypto asset trading services and other crypto -basedservices in the future as such services gain acceptance. Our current and potential competitors may establish cooperative relationships among themselves or with third parties that may further enhance their resources or may also increase their marketing efforts, which could require us to increase our own marketing efforts and incur higher advertising expenses in order to remain competitive. Due to our dependence on revenue from our Marketplace platform business, if current or future competitors offer trading at spreads or commission levels more favorable to retail users than those we offer, our competitive position and operating results could be materially and adversely affected. Our existing competitors have, and our potential competitors are expected to have, various competitive advantages over us, such as: •the ability to trade crypto assets and offer products and services that we do not support or offer on our cryptocurrency marketplace or exchanges, or NFT marketplace (due to constraints from regulatory authorities and other factors) such as tokens that constitute securities or derivative instruments under Japanese law; •greater name recognition, longer operating histories, larger customer bases 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; 22 •larger and more mature intellectual property portfolios; •greater number of applicable licenses or similar authorizations, including registration as a Type I financial instruments business operator in Japan; •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. We compete against a growing number of decentralized and noncustodial platforms and our business may be adversely affected if we fail to compete effectively against them. We also compete against an increasing number of decentralized and noncustodial platforms. On these 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 platforms are typically