Coincheck Labs Supports Web3 Development, Invests in UnUniFi Protocol
<p class=”MsoNormal”>Coincheck Labs, the accelerator and the venture capital arm of the <a href=”https://www.financemagnates.com/tag/coincheck/” target=”_blank”>Coincheck </a>crypto exchange, has invested in UnUniFi Protocol, a Layer-1 blockchain and NFT Finance (NFTFI) service. The value of the financing was not disclosed.</p><p class=”MsoNormal”>According to the press release published by Coincheck Labs, UnUniFi Protocol enables users to borrow cryptocurrency assets using their non-fungible tokens (<a href=”https://www.financemagnates.com/tag/nft/” target=”_blank”>NFTs</a>) as collateral. The platform utilizes an ‘interchain yield aggregator’ to automatically manage the crypto instruments. </p><p class=”MsoNormal”>UnUniFI is a Layer-1 <a href=”https://www.financemagnates.com/terms/b/blockchain/” target=”_blank” id=”be18ed01-45fc-4044-b447-06802a10dbcd_2″ class=”terms__main-term”>blockchain</a> 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.</p><p class=”MsoNormal”>Coincheck Labs is the latest addition to the Coincheck cryptocurrency exchange’s offering, funded in January 2022. The venture capital arm aims to support <a href=”https://www.financemagnates.com/tag/web3/” target=”_blank”>Web3 </a>startups. To date, it has invested in Stake Technologies developing Astar Network, and UnUniFi Protocol as its second investment.</p><p class=”MsoNormal”>”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.</p><p class=”MsoNormal”>Additionally, the crypto exchange is developing the Coincheck NFT platform to support further Web3 development. The NFT platform is currently in beta testing.</p><p>Declining Profits and Delayed IPO</p><p class=”MsoNormal”>Coincheck is a part of Japan’s financial services giant, Monex Group. The publicly listed company <a href=”https://www.financemagnates.com/forex/japans-monex-posts-14-yoy-q2-revenue-decline-as-crypto-turns-loss/” target=”_blank”>reported </a>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.</p><p class=”MsoNormal”>Earlier this year, Monex Group reported that Coincheck would become a <a href=”https://www.financemagnates.com/cryptocurrency/news/crypto-exchange-coincheck-to-go-public-with-a-125b-spac-deal/” target=”_blank”>separate public company</a> 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 <a href=”https://www.financemagnates.com/terms/m/merger/” target=”_blank” id=”7631c19b-b9f3-43ee-a0cf-d4f8094270bc_2″ class=”terms__secondary-term”>merger</a>. The prolonged ‘cryptocurrency winter’ is one of the culprits.</p>
This article was written by Damian Chmiel at www.financemagnates.com.
This content was originally published here.