Acquisition by SBI Subsidiary Part of European Expansion

ADDX Expands to Tap into MENA’s Thriving Private MarketSingapore-based global private market exchange ADDX has revealed plans to extend its blockchain-enabled private market exchange platform into the Gulf Cooperation Council (GCC) and the broader Middle East and North Africa (MENA) regions.In a recent announcement, the company stated that the move aims to bridge the existing financing gap between private enterprises and capital providers, positioning ADDX strategically relative to global financial transformation.Photo by Kyle Glenn on UnsplashExploiting MENA potentialThe MENA region has seen a surge in demand for strategic growth capital, particularly from micro, small, and medium-sized enterprises (MSMEs) and innovative startups. These enterprises are expected to play a pivotal role in driving sustainable economic growth across the region. By introducing its platform, ADDX aims to provide these enterprises with a seamless pathway to access early-stage, high-growth private investment opportunities, blending cutting-edge technology with rigorous compliance standards.ADDX’s primary objective is to catalyze the growth of innovative enterprises that are key to the region’s sustainable economic diversification by facilitating the inflow of capital. This initiative aligns with the region’s focus on cutting-edge sectors such as artificial intelligence, Web3, and sustainable construction practices.Since its establishment in 2017, the platform has secured $140 million in funding from institutions such as the Singapore Exchange and Korea’s KB Financial Group. With its expansion into the MENA market, ADDX aims to act as a conduit for strategic growth capital, enabling pre-IPO companies in the region to access local and global financial resources.Simultaneously, this expansion is expected to open up numerous investment opportunities in thriving Asian enterprises for fund managers based in MENA, further strengthening the economic ties between the Asia-Pacific (APAC) and MENA regions.Danny Toe, CEO of ADDX, shared his vision for the company, saying: “The ability to safely and securely open private markets to capital investment presents tremendous opportunities for governments and regulatory bodies to add to the financial infrastructure of the regions.”Blockchain relevanceManuel Jaeger, ADDX’s Head of Business Development at the firm, expanded on the transformative potential of this move, emphasizing the role of blockchain in revolutionizing private market investing. Jaeger stated:“The rise of blockchain-powered platforms has changed the game and transformed how investors view private market investing. Our next step is to replicate in MENA the approach we have taken in APAC. This involves working closely with financial institutions, regulators and government organizations as well as leaders across the Middle East region to create an open flow of capital across private markets for the long-term benefit of investors, private companies and the global economy.``Tokenization of real-world assets and investment products is expected to be a growing trend over the next few years. That development has not been lost on ADDX. In May, the company collaborated with Singapore’s oldest bank, OCBC Bank, to launch a tokenized equity-linked structured note.The firm has cottoned on to the relevance of crypto in the investing arena, becoming the first financial institution in Singapore in 2022 to recognize crypto assets in reckoning if clients achieve the minimum personal wealth levels to be onboarded as accredited investors.

Coincheck, a subsidiary of Monex Group, a Tokyo-based global financial services firm, has gained U.S. Securities and Exchange Commission (SEC) approval to become the first Japanese crypto exchange to list on the Nasdaq, an American stock exchange.Photo by Denys Nevozhai on UnsplashSPAC mergerThe approval by the U.S. regulator was filed on Nov. 13. The listing has been enabled due to the company’s decision to enter into a merger with a special purpose acquisition company (SPAC), namely Thunder Bridge Capital Partners (TBCP).  A SPAC raises money through an initial public offering (IPO) to either acquire or merge with an existing company. Opting for a SPAC means that Coincheck can forego a lot of the time and expense that would be necessary if it attempted to effect an IPO on its own. Parent company Monex Group published a statement outlining that Coincheck CEO Yuko Seimei had “been diligently preparing for listing its common stock on the Nasdaq Global Market (“Nasdaq”) through a previously announced business combination with Thunder Bridge Capital Partners.” Possible Nasdaq listing on Dec. 10 In a press release issued by TBCP, the company claimed that the proposed merger is anticipated to close on or about Dec. 10, 2024. That eventuality is subject to stockholder approval, Nasdaq approval and specific closing conditions. Consequently, Coincheck’s Nasdaq listing could potentially happen as early as Dec. 10. TBCP is holding a shareholder vote on the merger on Dec. 5. If all conditions are satisfied to pave the way for listing, the company’s stock will be listed using CNCK as the Nasdaq stock ticker. Once the merger and Nasdaq listing have been accomplished, Coincheck will still remain a subsidiary of Monex Group. The merged business will gain access to $237 million, held in trust by TBCP, with Monex retaining an 82% stake in the company. Furthermore, Thunder Bridge CEO Gary Simanson will lead the new company. The $1.25 billion merger had been in the works since 2022, having faced multiple delays on the path towards merger completion and Nasdaq listing. Coincheck finally filed with the SEC to merge back in May. Parent company Monex has other interests in the digital asset sector beyond its involvement with Coincheck. Last December the company acquired a majority stake in 3iQ Digital Holdings, a Canadian crypto asset management company.Monex has just launched a new brand, Monex Web3, comprising of Monex’s Web3 business portfolio. It also offers a Web3 consulting business, using its local know-how to guide Web3 startups in entering the Japanese market. Coincheck has also engaged in partnerships to assist other firms in gaining access to the Japanese market. Earlier this year the leading Japanese crypto exchange partnered with USD Coin (USDC) stablecoin issuer Circle, in an effort to expand USDC access within the local market. In January 2018 the exchange suffered what was at the time the world’s largest ever digital asset theft, losing $534 million in virtual assets in a hack of the platform.

Leading crypto exchange OKX has announced the seamless integration of Uniswap Labs' application programming interface (API) into its decentralized exchange (DEX). The objective of the Uniswap addition is to usher in an era of gas-free trading through its innovative feature called "Snap” for OKX service users. Snap trading modeThe company made the announcement by way of a PR Newswire press release on Feb. 29. OKX asserts that Uniswap is one of the most trusted names in DeFi. As part of the integration, the Snap trading mode will be included as a feature on OKX DEX, with the objective of aggregating Uniswap’s liquidity.The feature operates directly on the OKX DEX interface by way of the UniswapX protocol. UniswapX is an immutable smart contract built with the intention to be fully permissionless. The contract cannot be modified or paused by anyone, including Uniswap Labs. Liquidity providers pay the feeIn explaining away the technology, Jason Lau, the chief innovation officer at OKX told Cointelegraph the mechanics behind the no-fee swaps. Lau unveiled a novel model wherein liquidity providers absorb transaction fees on behalf of users. He asserted that this approach not only enhances convenience but also facilitates cost savings for traders. Lau elaborated further, stating: “By agreeing to a price and signing a transaction off-chain, then settling the transaction on-chain, users end up paying no gas fees because the liquidity providers will pay the fee on the user’s behalf.”Photo by Shubham Dhage on UnsplashGoing beyond trading fee reductionAnticipating a positive response from DeFi enthusiasts, Lau highlighted additional features that go beyond transaction fee savings. These include the elimination of slippages, maximum extractable value (MEV) bot attacks and transaction failures, addressing prevalent concerns within the DeFi space.In tandem with the gas-free trading initiative, OKX announced a seamless integration for its wallet users within the Uniswap interface, courtesy of the Multi-Injected Provider Discovery upgrade on Ethereum, based on Ethereum Improvement Proposal (EIP)-6963. This enhancement extends to all browser extension wallets, enabling OKX wallet users to seamlessly connect with Uniswap, facilitating activities such as cryptocurrency swapping, NFT trading, liquidity pool participation and decentralized application (dApp) development. Positioning this integration as a pivotal addition to their ecosystem, Lau reiterated OKX's commitment to broadening user access to diverse on-chain use cases. He expressed enthusiasm for ongoing development initiatives and urged users to actively contribute feedback for further enhancements. The crypto exchange platform achieved further technical progress recently, with the addition of support for atomicals, runes, doginals and stamps to its Web3 wallet. Providing further detail on these additions last month, the company said that they were part of a "first-to-market" initiative relative to Bitcoin NFTs. Alongside technical advancements like these, earlier this week it emerged that the company was further advancing its market expansion strategy, through the launch of OKX TR, its Turkish platform. With OKX pioneering gas-free trading and bolstering user accessibility to decentralized finance, the convergence of traditional finance and blockchain technology accelerates, indicating an ongoing transformative shift in the crypto space.