Japan-based cryptocurrency exchange Coincheck started trading on the Nasdaq stock exchange Wednesday following a strategic merger with a special purpose acquisition company.

What happened: Coincheck Group N.V. , the holding company of the Tokyo-headquartered firm, merged with Thunder Bridge Capital Partners IV, allowing its shares to trade under the ticker “CNCK,” according to a press release.

"We are incredibly proud and excited to become a Nasdaq-listed company and for what the future holds for the Coincheck group companies and our shareholders," said Oki Matsumoto, Coincheck's Executive Chairman.

To mark the occasion, Matsumoto rang the opening bell. Shares of Coincheck were up 0.22% in after-hours trading to $13.38. 

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Why It Matters: Coincheck is one of Japan's biggest cryptocurrency exchanges, recognized as the country's most-downloaded trading app for five consecutive years. It supported trading in cryptocurrencies like Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH), and Litecoin (CRYPTO: LTE) among others.

With the debut, Coincheck became only the second publicly-listed company on Nasdaq with cryptocurrency trading as its core business, after Coinbase.

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