Less than two years after entering the Japanese market, Enjin Coin received approval from the country's JVCEA to be listed on the cryptocurrency exchange Coincheck. Hence, the asset has become the first authorized gambling token for use in the Asian nation.
JVCEA Approves Enjin Coin's listing on Coincheck
Launched after several high-profile hacks in 2018, the Japan Virtual Currency Exchange Association (JVCEA) received approval from the country's financial regulator, the FSA, to serve as a self-regulatory organization to enforce strict legislation on the ecosystem. cryptographic.
Digital asset projects that want to be listed and traded on Japan-based platforms go through a comprehensive vetting process by the Association.
Coincheck, the exchange that was the victim of one of the most notorious attacks with $ 535 million in NEM stolen, only has 15 coins listed as of now due to strict regulations.
However, it has received a new addition. Enjin, the team behind the popular gaming token, Enjin Coin, previously announced that it had received approval for its first listing on a Japanese exchange, Coincheck. This comes after more than a year of due diligence and examinations following Enjin's partnership with Tokyo-based HashPort in 2019.
Enjin CEO Maxim Blagov emphasized Japan's important role in the gaming industry and predicted that the Asian market will produce the next big projects in the field:
“From Super Mario to Pokémon to Final Fantasy, Japan is home to pioneering games that occupy an enduring place in pop culture. Japan's culture of innovation is directly aligned with Enjin's. We believe that some of the best blockchain games in the world will come from the Japanese gaming industry, and there we can help them take full advantage of this powerful technology. "
Japan's video game market is among the fastest growing niches with an annual growth rate of 7.1% and estimated revenue of more than $ 18 billion in 2021.
Enjin Coin (EJN) Price Explodes 90%
Enjin's native cryptocurrency reacted with an immediate price hike to the announcement. ENJ was trading at around $ 0.23 before skyrocketing nearly 90% to a new three-year high of $ 0.43.
Thus, ENJ was only inches away from following today's Ethereum lead and painting a new all-time high above $ 0.465 (according to CoinGecko).
Despite falling back slightly to $ 0.40, Enjin Coin has entered the top 100 coins by market capitalization, as theirs hit $ 350 million.