On the 19th of January, Enjin announced that the Enjin Coin (ENJ) has been approved by the Japan Virtual Currency Exchange Association (JVCEA).
This approval enables Enjin Coin (ENJ) to be listed on the Coincheck exchange. The JVCEA is the regulatory body in charge of cryptocurrency exchanges in Japan.
Listing Enjin Coin on Coincheck will make ENJ the very first gaming token to be authorized for use in Japan. The Enjin Coin will be listed on Coincheck on the 26th of January, joining 14 other digital assets that have been listed on the Coincheck exchange.
Enjin Coin’s Listing on Coincheck Exchange
In Japan, Coincheck is one the largest licensed cryptocurrency exchanges, judging by trading volume. The activities of the Coincheck exchange are supervised by Coincheck Inc., being registered by the Financial Services Agency (FSA). Gaining approval from the JVCEA and support from Coincheck shows that ENJ has the fundamentals of a utility token. It also shows the potential that the Enjin ecosystem has in the crypto space.
Kojiro Hirate, Enjin’s Business Development Lead in Japan, says, “We are proud that Enjin Coin is the first gaming cryptocurrency that is approved by JVCEA for use in Japan under the Fund Settlement Law. We’re very excited about the opportunities this opens up, because there are a lot of great developers in Japan that require Enjin Coin liquidity to adopt this technology.”
ENJ will be listed on Coincheck alongside other cryptocurrencies like Bitcoin, Litecoin, XRP, BAT, and Ethereum. The addition of ENJ brings the total number of assets available on the exchange to 15. From 12:00 pm on the 26th of January, the purchase of ENJ with JPY will be available to users and developers. Through Coincheck, the exchange’s users can then trade the ENJ token with BTC.
Listing Enjin Coin on Coincheck follows the partnership between both firms to bring non-fungible tokens (NFTs) to Minecraft. This partnership was also announced in September last year. Later in January 2021, the NFT compatibility will be added to “EnjinCraft,” Enjin’s Minecraft plugin. The selected NFTs will then be made available for sale on Coincheck’s upcoming marketplace.
Enjin’s Entry Into the Japanese Market
Enjin gained entrance into the Japanese market in 2019. This entrance was made possible through a strategic partnership with HashPort, based in Tokyo. Enjin was also the first project to be supported by HashPort’s Accelerator. As such, the goals of the partnership were made to benefit and expand the Enjin ecosystem.
One of the goals was to promote the adoption of the Enjin ecosystem into the Japanese gaming space. Another goal was to work towards the approval of the Enjin Coin (ENJ) by the Japanese financial regulator to enable its listing on Japanese exchanges.
Seihaku Yoshida, CEO of HashPort, notes, “Enjin made a bold commitment entering the Japanese market in 2019, determined to grow their business in the space regardless of market conditions. After more than a year of due diligence, the approval and listing of Enjin Coin on Coincheck is an important milestone for Enjin and adoption of its blockchain platform in Japan.”
“Since our partnership was announced, the Enjin team has been in discussions with various leading domestic companies and projects. I’m honored to help them achieve this milestone and positively impact the Japanese gaming industry and beyond,” he added.
After spending about one and a half years in monitoring and auditing the Enjin project, market potential, and business, the partnership was able to actualize its goals. The listing of Enjin Coin on the Coincheck exchange is a milestone for the Enjin platform and HashPort.
In the history of technological inventions in the gaming industry, Japan has always stood out, especially in emerging innovations. Japan can also boast of the world’s third-largest games market, having popular and outstanding games and platforms like Pokémon, Nintendo Switch, Sony PlayStation, Pac-Man, and Gameboy.
Maxim Blagov, Enjin CEO, says, “From Super Mario to Pokémon and Final Fantasy, Japan is home to pioneering games that hold a lasting place in pop culture. Japan’s culture of innovation is directly aligned with Enjin’s. We believe some of the world’s best blockchain games will come from the Japanese gaming industry, and we will be there to help them leverage this powerful technology to the fullest.”
Before now, Enjin announced that their platform is now free to use for non-fungible token (NFT) minting and integration.
As of the time of writing, Enjin Coin’s (ENJ) price was $0.362961, with a 24-hour trading volume of $582,972,077. ENJ price also went up by 51.3% over the last 24 hours. It has a circulating supply of 923 million coins and a max supply of one billion coins. At the present time, Upbit is the most active market trading ENJ.