Japan's major cryptocurrency exchange Coincheck has announced that it has signed a share purchase agreement to acquire Aplo, a regulated digital asset brokerage based in Paris that serves institutional investors.
According to an announcement released on Tuesday, Coincheck has signed a share purchase agreement with Aplo. Under the agreement, all issued and outstanding shares of Aplo will be exchanged for newly issued common stock of Coincheck. The acquisition is expected to be completed in October.
The exchange stated that this acquisition is "the first step in an important component of Coincheck Group's established mission," which is to pursue acquisitions for retail and institutional crypto business outside of Japan.
The company is also actively seeking to acquire complementary companies, expertise, products, services, licenses, or technologies in both domestic and overseas markets to advance this strategy.
Aplo provides trading applications and supporting infrastructure for institutional users. Currently, Aplo is registered as a digital asset service provider with the French Financial Markets Authority (AMF) and is applying for a full license under the EU's Markets in Crypto-Assets Regulation (MiCA).
The announcement indicated that Aplo currently serves over 60 active institutional clients, including hedge funds, banks, asset management companies, and other enterprises. After joining Coincheck, Aplo will offer financing solutions, including cross-asset margin trading and deferred settlement services, and will expand its liquidity and product lines across multiple jurisdictions.
Coincheck also plans to assess whether Aplo can enhance liquidity for its trading platform. Coincheck Group CEO Gary Simanson stated that this acquisition allows the company to gain technology and expertise recognized by European institutional clients, and added:
Before this announcement, Monex Group, Coincheck's parent company listed in Tokyo, was reported to be considering issuing a stablecoin pegged to the yen. Monex Group Chairman Oki Matsumoto stated, "Issuing a stablecoin requires a lot of infrastructure and capital, but if we do not enter this field, we will be eliminated."
Coincheck is also experiencing rapid growth. Data from February showed that its revenue for the third quarter of fiscal year 2024 increased by 75% year-on-year, which the parent company's CEO attributed to a successful merger and subsequent listing on Nasdaq. Coincheck Group officially listed on the Nasdaq Stock Exchange on December 11, 2024.
Related: Gemini files S-1 application for IPO, plans to issue 16.7 million shares of GEMI stock on Nasdaq
Original article: “Coincheck Acquires French Crypto Firm to Expand into European Market”
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