On January 19, the blockchain-based Enjin Coin (ENJ) became the first gaming cryptocurrency to receive a legal license to trade with the Japan Virtual Currency Exchange, or JVCEA.
This coincided with an astonishing 71% increase in the value of the currency in just 9 hours, pushing the price of the ENJ coin from $ 0.236340 to a 3-year high of $ 0.406356.
Enjin’s January 19 official announcement said, “Enjin Coin has been approved by the JVCEA and will be listed on Coincheck, making it the first gaming license authorized for use in Japan.”
On January 26, Enjin Coin will become the first gaming token to be listed on Coincheck and will become one of 15 digital currencies including Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and others. ENJ can be bought in Japanese Yen and exchanged for BTC.
Hashport Accelerator helped Engin enter the Japanese market. Sehako Yoshida, CEO of HashPort, said:
“Enjin has made a bold commitment to enter the Japanese market in 2019, intending to expand its space operations regardless of market conditions. After over a year of due diligence, the approval of Enjin Coin and its listing on Coincheck is a milestone for Enjin and the adoption of its blockchain platform in Japan. ”
Maxim Blagov, CEO of Enjin, said the company hopes to benefit from a store opening in one of the busiest toy markets in the world and is looking to embrace the country’s culture of technological innovation:
From Super Mario to Pokémon to Final Fantasy, Japan is home to revolutionary games that have a firm footing in pop culture. The Japanese culture of innovation is directly adapting to Enjins. We believe some of the best blockchain games in the world are created by the Japanese gaming industry, and we want to be there to help them take full advantage of this powerful technology. ”
Enjin Coin was first announced in 2017, and a major network was launched the following year. In 2019, Enjin made headlines after announcing it was shipping Enjin Coin as one of the original apps in the recently launched Samsung Galaxy S10.