On January 19, the blockchain-based Enjin Coin (ENJ) became the first gaming cryptocurrency legally authorized to conduct transactions by the Japanese Virtual Currency Exchange Association, or JVCEA.
At the same time, the dollar value of the coin suddenly appreciated by 71% in just 9 hours, and the price of the ENJ coin jumped from $0.236340 to a 3-year high of $0.406356.
ENJ/USD. Source: CoinMarketCap.com
According to the official Enjin announcement from January, "Enjin Coin has been approved by the JVCEA and will be listed on Coincheck exchange, making it the first gaming token authorized for use in Japan".
From January 26, Enjin Coin will be the first gaming token listed on Coincheck, and it is one of a total of 15 digital currencies, including Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) ), etc. ENJ can be purchased in Japanese Yen and can be traded with BTC.
Hashport Accelerator helped Enjin enter the Japanese market. Seihaku Yoshida, CEO 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 the adoption of its blockchain platform in Japan."
Enjin CEO Maxim Maxim Blagov stated that the firm hopes to take advantage of opening a store in one of the busiest gaming markets in the world and hoped to benefit from the country’s technological innovation culture:
"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 first stated in 2017 and launched the mainnet the following year. After announcing that Enjin Coin will be released as one of the apps native to the newly released Samsung Galaxy S10 at the time, Enjin made headlines in 2019.