WEMIX token leads gaming crypto asset market

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.

DeSpread, a Korea-based consulting firm specializing in Web3 and blockchain, announced today its partnership with Arbiturm, a Layer 2 network built on the Ethereum blockchain. This news was reported by local media outlet Etoday. Through the partnership, DeSpread aims to create an ecosystem for Arbitrum developers, seek collaboration with Korean enterprises and attract more onchain users. Photo by Sigmund on UnsplashArbitrum is one of the largest Layer-2 blockchains operating on the Layer-1 Ethereum network, designed to address the scalability issue of the ETH network. DefiLlama, a DeFi total value locked (TVL) aggregator, shows that Arbitrum has the fourth largest TVL among all chain networks, and the largest TVL among ETH-based Layer 2 networks. To foster Arbitrum-based services, DeSpread plans to distribute research content and development guides to Korean developers in an effort to bring down the language and cultural barriers when working with Arbitrum. Regular events featuring Arbitrum experts are also in store, set to be held both online and in-person formats. These efforts are intended to help companies seeking to adopt blockchain technologies collaborate with Arbitrum.   Forging an ecosystem within the Korean ETH communityJeff Kim, Head of operation at DeSpread, expressed his excitement about the partnership with Arbitrum, saying that Arbitrum is the network showing the strongest performance among all Layer 2 solutions on the ETH network. He added that Despread plans to support Arbitrum so that it can create its ecosystem within the Korean Ethereum community and raise its brand awareness. Nina Rong, Head of Ecosystem Development at Arbitrum, stated that Arbitrum has long been keeping an eye on Korea’s blockchain ecosystem. The partnership will help Arbitrum strengthen its position in the Korean market and shape a developer-friendly environment for individuals and businesses, she said.

Woori Bank Joins Forces with Samsung Securities and SK Securities to Pioneer Security Token MarketWoori Bank has recently forged a memorandum of understanding (MOU) with Samsung Securities and SK Securities, aiming to swiftly venture into the security token market in anticipation of the forthcoming institutionalization of security tokens in South Korea, according to local news outlet Dailian.Photo by Anna Evlanova on UnsplashKorea’s regulatory pathway for security tokensIn February, the Financial Services Commission unveiled guidelines for regulating the issuance and distribution of security tokens. This initiative aligns with the South Korean government’s broader goal of driving innovation in digital finance. Following this, the National Assembly conducted a public hearing on the proposed legislation. Additionally, the Financial Supervisory Service organized an informative session discussing the updated application procedure for investment contract securities and the corresponding examination protocols. As a result, the outlines of the regulatory framework are beginning to take on a more defined form.Compliance with regulatory frameworkWoori Bank President Byung-Kyu Cho, Samsung Securities President Chang Seok-hoon, and SK Securities CEO Kim Shin were present at the signing ceremony. During this event, the three financial institutions agreed to embark on their collaborative efforts to explore business models for security tokens in compliance with the regulatory framework. Their aims include constructing the infrastructure for security tokens and validating distributed ledgers, as well as forming Finance 3.0 Partners (F3P), a collaborative consortium dedicated to formulating investor protection measures.Three entities’ individual endeavorsWoori Bank has undertaken extensive preparations to make its foray into the security token market. In an effort to swiftly adapt to the changing legal dynamics surrounding security tokens, the bank has established a dedicated division and is operating a task force responsible for devising strategic approaches, with participation from Woori Financial Group’s affiliates. By partnering closely with the securities firms, Woori aims to leverage its wealth of corporate finance expertise to identify innovative business models.Samsung Securities has successfully concluded its own functional verification of the security token platform. Furthermore, the company has secured the technology necessary to connect blockchain wallets and securities accounts. These efforts will contribute to providing stable services. Samsung is also anticipating the utilization of security tokens as a fresh avenue for financing, collaborating with various enterprises to discover their practical applications. Through these endeavors, the company intends to offer attractive and stable investment products to its clientele.SK Securities stands out as the sole Korean securities firm to have established an account management system for security tokens, with the intention of seeking designation as an innovative financial service by the Financial Services Commission. Initiatives chosen as innovative financial services are granted regulatory exemptions. SK Securities has partnered with a variety of fractional investment firms to spearhead the research and development of security token issuance and distribution systems. It also plans to collaborate with experts in the domains of finance, technology, and content. This joint effort aims to build the infrastructure necessary to create a financial ecosystem that welcomes diverse participants and creates new value.An F3P official highlighted that this tripartite partnership would facilitate the alignment of their members’ security token products with regulatory guidelines. The person also mentioned their commitment to swiftly establishing a top-notch platform and ecosystem that will help position them as market leaders.