Coincheck Goes Nasdaq: What It Means for Crypto

Coincheck just announced that they're going public on Nasdaq through a SPAC merger. This makes them the first Japanese crypto exchange to do so, and only the second crypto exchange overall to be publicly listed in the U.S., after Coinbase. I have mixed feelings about this.

The Good Stuff

First off, let's talk about the positives. Getting listed on a major stock exchange like Nasdaq is a huge deal. It gives Coincheck more visibility and access to capital, which can help them grow. Plus, it might make more people comfortable with investing in cryptocurrencies since it shows that these exchanges are becoming part of mainstream finance.

Coincheck's compliance with SEC regulations also adds a layer of legitimacy. We all know how sketchy things can get in crypto sometimes, and having an exchange that's above board could help build trust among users and investors. They've already been compliant with Japanese laws, so they're not new to this game.

The Not-So-Good Stuff

But there are some red flags too. They're using a SPAC for this listing, and let's be real—most companies that go public via SPAC don't exactly thrive post-merger. There's also the fact that Coincheck is under increased scrutiny from the SEC, especially since other crypto firms have been hit hard recently.

And let's not forget—Coincheck was hacked back in 2018 to the tune of $517 million! So they have some history.

A Bigger Picture?

This listing might signal something bigger: as traditional financial institutions dip their toes into crypto waters, we're seeing a trend toward centralization. Many of us got into crypto to escape centralized control, but now it seems we're heading in that direction—especially as exchanges adopt stricter KYC and AML policies.

So yeah, while Coincheck's move might pave the way for other exchanges to follow suit, it raises questions about whether we're losing some of the core principles that made crypto appealing in the first place.