From 'Exchange' to the Foundation of Digital Finance: Coincheck's Pursuit of Partnership Management | Interview with Tomoyuki Isaka

Key Points of This Article

Shift to Partnership-Based Management
Coincheck has steered from being merely a cryptocurrency exchange to becoming a digital finance infrastructure. Transitioning from a self-contained model to a partnership-based business, it is promoting a CaaS (Crypto as a Service) strategy aimed at expanding the overall market through functional openness.

CaaS Collaboration with Major Corporations and Institutional Investor Engagement
Strengthening collaboration with companies like KDDI, Credit Saison, and Mercari, which have large customer bases. While deploying point programs and embedded finance, they are leveraging group synergies to accelerate business for institutional investors in anticipation of the 2028 cryptocurrency ETF deregulation.

Enhancing Reliability for the AI Era
Looking ahead to a future where automated trading by AI agents becomes widespread, they are advancing system integration and enhancing identity verification. By presenting high standards of governance and security, they aim for sustainable growth as an exchange chosen by both humans and AI.

── In April this year, Pascal St-Jean became the CEO of Coincheck Group. Could you tell us about any changes within the company since a leader with a global perspective took the helm?

Tomoyuki Isaka (hereafter, Isaka): It has changed dramatically. Under the Coincheck Group, besides our company Coincheck, there are Canada's 3iQ Digital Holdings, France's Aplo SAS, and Japan's Next Finance Tech. While having a global perspective at the top has been consistent, Pascal himself is an entrepreneur deeply involved in business.

We are having in-depth discussions on how to grow Coincheck and the entire group. After the SPAC listing in December 2024, Coincheck Group had been expanding its business by acquiring various companies through M&A, but now we have shifted significantly towards a phase where the four group companies collaborate to execute business.

Our company primarily handles retail business and services for business companies and institutional investors, but the other three group companies have long focused on business companies and institutional investor businesses. With the movement towards cryptocurrency ETF deregulation in Japan by 2028, Coincheck Group is already moving to enter the institutional investor business in Japan, leveraging the achievements and expertise of each company.

While growing retail services in Japan, Coincheck Group is focusing on establishing a cryptocurrency asset management environment for institutional investors in Japan and launching new businesses together with Japanese institutional investors.

The management is discussing how to elevate the cryptocurrency exchange business we have built into a digital finance platform through the collaboration of group companies. Utilizing the infrastructure developed through exchange management, we are venturing into BtoB and BtoBtoC infrastructure businesses. Coincheck Group is creating a 'partnership model' business.

── Are there any challenges in transitioning from retail to an infrastructure provider?

Isaka: First, adapting to changes in system architecture. We will need to create connection points with partners in a system that was previously closed within our company. Moreover, it must be operated safely 24/7 without affecting our system or the services of partner companies. Additionally, it is crucial to become an entity trusted by customers and partner companies, enabling business progress together.

Each partner company has unique and specific requirements. The key is whether we can foster a culture of dialogue with partner companies to create the optimal form together. Coincheck is evolving from self-centered development to a culture of creating business with partners.

── So, you're changing the corporate culture?

Isaka: Yes, that's right. Coincheck's mission is to 'bring new value closer,' aiming to expand the value exchange experience using cryptocurrency and blockchain technology.

While providing a safe environment is a given, we believe it is better for partner companies to handle customer interactions, with us staying in the background. By opening Coincheck's functions through API integration, we aim to build good partnerships with partner companies. We want to cultivate a culture that can materialize such partnerships as an organization.

We will advance partnerships in two forms. One is with financial institutions like banks, trust banks, and asset management companies, creating ETFs and funds and the custody mechanisms that support them. The other is embedded finance, Crypto as a Service (CaaS), allowing businesses offering services online to incorporate cryptocurrencies.