Coincheck Labs Supports Web3 Development, Invests in UnUniFi Protocol

Coincheck Labs, the accelerator and the venture capital arm of the Coincheck crypto exchange, has invested in UnUniFi Protocol, a Layer-1 blockchain and NFT Finance (NFTFI) service. The value of the financing was not disclosed.

According to the press release published by Coincheck Labs, UnUniFi Protocol enables users to borrow cryptocurrency assets using their non-fungible tokens (NFTs) as collateral. The platform utilizes an 'interchain yield aggregator' to automatically manage the crypto instruments.

UnUniFI is a Layer-1 blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term protocol running on the Cosmos blockchain platform and gathered over 20,000 participants in the beta phase. Support from the Coincheck Labs and eight 'major validators' will undoubtedly provide opportunities for further development.

Coincheck Labs is the latest addition to the Coincheck cryptocurrency exchange's offering, funded in January 2022. The venture capital arm aims to support Web3 startups. To date, it has invested in Stake Technologies developing Astar Network, and UnUniFi Protocol as its second investment.

"Coincheck Labs assists the blockchain and Web3 ecosystem in Japan [to] thrive by supporting entrepreneurs, startups, and their communities who are focused on developing crypto asset-native and NFT-native products. Covering any products from Layer-1, the underlying architecture of blockchain, to applications, Coincheck Labs offers three stages of support including incubation, research, and investment," the press release stated.

Additionally, the crypto exchange is developing the Coincheck NFT platform to support further Web3 development. The NFT platform is currently in beta testing.

Declining Profits and Delayed IPO

Coincheck is a part of Japan's financial services giant, Monex Group. The publicly listed company reported in late October its results for the second quarter of fiscal 2023. The report revealed the cryptocurrency exchange's loss for the period was 400 million yen due to a slowdown in trading activity and major cryptos price slump.

Earlier this year, Monex Group reported that Coincheck would become a separate public company through a merger with the blank-check firm, Thunder Bridge Capital Partners IV. The two entities signed an agreement valued at $1.25 billion, and the finalization was expected to occur in the second half of 2022. With one month left until the year's end, the company is not releasing any new information about the SPAC merger Merger A merger is defined as the absorption of the interest of another. It can include an estate, or contract. There are no specific rules or formats for a union in general. It is a method of combining two or more organizations, business concerns, or other related interests. The terms of a merger are usually by agreement of the parties involved. In the financial sphere, merger refers to an agreement between two or more companies or corporations, public and private, to merge into one entity. Mergers d A merger is defined as the absorption of the interest of another. It can include an estate, or contract. There are no specific rules or formats for a union in general. It is a method of combining two or more organizations, business concerns, or other related interests. The terms of a merger are usually by agreement of the parties involved. In the financial sphere, merger refers to an agreement between two or more companies or corporations, public and private, to merge into one entity. Mergers d Read this Term. The prolonged 'cryptocurrency winter' is one of the culprits.