The Japanese news agency Nikkei Asia reported on Friday that the Japanese trading house Mitsui is planning to launch a gold-plated cryptocurrency.
Mitsui’s new digital currency, known as ZipangCoin (ZPG), will reportedly be released as early as February and will be available to retail investors through a cryptocurrency exchange.
The gold-priced stack coin will be linked to yen-denominated prices of London Metal Exchanges Mitsui, with one ZPG valued at the equivalent of one gram of gold and guaranteed by Sumitomo Mitsui Banking.
According to the report, the new gold stack coin will first be offered through the Mitsui crypto exchange and then made available on other exchanges. The trading house launched its cryptocurrency trading platform with Seven Bank Japan as a stock exchange registered with the local Kanto Financial Bureau with approval from the Japan Financial Services Agency (FSA).
The new gold-based digital currency is designed to provide new opportunities to reduce financial risk and hedge against inflation. In addition to offering new investment opportunities, Mitsui also plans to allow the use of ZPG for smartphone payments in stores and supermarkets, as well as bill payments.
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Mitsui is not the only Japanese company involved in the development of stack coins. In November 2021, a consortium of 74 companies including Mitsubishi UFJ, Mizuho Financial and Sumitomo Mitsui Financial announced that they were testing DCJPY, a yen-based digital currency backed by bank deposits.