Telecom giant KDDI to acquire 14.9% stake in Coincheck Group in $65 million deal
The companies signed a business alliance for revenue sharing, referral fees and customer referrals to expand crypto access in Japan.
What to know:
- KDDI, a major Japanese telecom firm, plans to acquire a 14.9% stake in Coincheck Group (CNCK) for $65 million, with the deal expected to close in June.
- The companies signed a business alliance for revenue sharing, referral fees, and customer referrals to expand crypto access in Japan.
- KDDI gains the right to nominate one non-executive director to Coincheck’s board, aligning with its recent Web3 and metaverse initiatives.
Coincheck and KDDI also signed what both firms called a business alliance covering customer referrals, revenue sharing and referral fees. The companies said the partnership is aimed at expanding crypto access in Japan through KDDI’s consumer channels and Coincheck’s trading, custody, staking and asset-management services.
KDDI has been building around crypto and Web3 since at least 2023, when it launched αU, a metaverse and Web3 service with a non-fungible token (NFT) marketplace and crypto wallet.
The company deepened that push through a capital and business alliance with HashPort, a Japanese Web3 wallet developer. The deal was tied to plans allowing users to convert Ponta loyalty points into stablecoins and crypto, and convert those assets into au PAY gift cards.
KDDI will receive registration rights for the shares and the right to nominate one non-executive director to Coincheck Group’s board at its next annual general meeting, expected in September.
