Enjin Coin now the first authorized regulated gaming token in Japan.

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The commodity was recently blessed by the Japanese Virtual Currency Exchange Association.

On January 19, Blockchain-based Enjin Coin (ENJ) became the first cryptocurrency gaming company to be officially approved for trading by the Japanese Virtual Currency Exchange Association (JVCEA).

This coincided with a rapid 71 percent rise in the dollar value of the coin, which happened within 9 hours and saw the ENJ coin price leap from $0.236340 to a 3-year peak of $0.406356.

 

ENJ/USD. Source: CoinMarketCap.com

“Enjin Coin has been approved by the JVCEA and will be listed on the Coincheck Exchange, making it the first gaming token authorized for use in Japan,” said Enjin’s official announcement on January 19.

As of January 26, Enjin Coin will become the first Coincheck gaming token and one of the 15 digital currencies in total, including Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and more. ENJ will be sold to JPY and can be exchanged against BTC.

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Enjin’s path to the Japanese market has been supported by Hashport Accelerator. Seihaku Yoshida, Chief Executive Officer of HashPort said:

“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.”

Maxim Blagov, CEO of Enjin, said the firm hoped to take advantage of opening up a shop in one of the world’s busiest gaming markets and to benefit from the nation’s culture of technical innovation:

“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.”

Enjin Coin was revealed for the first time in 2017 and launched the mainnet the next year. In 2019, Enjin made headlines when it was revealed that Enjin Coin will ship as one of the native applications of the then newly launched Samsung Galaxy S10.

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