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Enjin Coin surges 71% after becoming first regulatory approved gaming token in Japan

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On Jan 19, Blockchain-based Enjin Coin (ENJ) grew to become the first gaming cryptocurrency to be legally licensed for commerce by the Japanese Digital Forex Alternate Affiliation, or JVCEA.

This coincided with a sudden 71% improve to the coin’s greenback worth which occurred inside simply 9 hours, and noticed the ENJ coin worth bounce from $0.236340, as much as a 3-year excessive of $0.406356.

ENJ/USD. Supply: CoinMarketCap.com

“Enjin Coin has been authorized by the JVCEA and can be listed on Coincheck alternate, making it the primary gaming token licensed to be used in Japan,” stated the official Enjin announcement from Jan. 19.

As of Jan. 26, Enjin Coin will grow to be the primary gaming token listed on Coincheck, and one among 15 digital currencies in complete, together with the likes of Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and extra. ENJ can be purchasable with JPY, and tradeable in opposition to BTC.

Enjin’s in-road to the Japanese market was helped alongside by Hashport Accelerator. Seihaku Yoshida, CEO of HashPort, stated:

“Enjin made a daring dedication coming into the Japanese market in 2019, decided to develop their enterprise within the house no matter market situations. After greater than a 12 months of due diligence, the approval and itemizing of Enjin Coin on Coincheck is a vital milestone for Enjin and adoption of its blockchain platform in Japan.”

Maxim Blagov, Enjin CEO, stated the corporate hoped to make the most of organising store in one of many busiest gaming markets on this planet, and aimed to profit from the nation’s tradition of technological innovation:

“From Tremendous Mario to Pokémon and Ultimate Fantasy, Japan is house to pioneering video games that maintain a long-lasting place in popular culture. Japan’s tradition of innovation is instantly aligned with Enjin’s. We imagine a number of the world’s finest blockchain video games will come from the Japanese gaming trade, and we can be there to assist them leverage this highly effective expertise to the fullest.”

Enjin Coin was first introduced in 2017, and launched a mainnet the next 12 months. In 2019, Enjin made headlines after it was announced Enjin Coin would ship as one of many purposes native to the then newly launched Samsung Galaxy S10.