Enjin Coin (ENJ) Becomes the Approved Game Crypto Money! How Is The Price Affected?
Enjin Coin (ENJ) became the first approved gaming cryptocurrency to be used for games in Japan . Enjin Coin (ENJ) bypassed Japan’s strict regulatory hurdles as the first gaming cryptocurrency to be whitelisted for use in the country.
According to a press release shared on CoinDesk, ENJ was officially approved by the Japan Virtual Currency Exchange Association (JVCEA), the institution that oversees the country’s cryptocurrency exchanges. The token is expected to be listed on Japan’s Coincheck exchange on January 26, which means users can buy ENJ with the Japanese yen.
ENJ is a store of value tokens that lock into tokens (NFTs) that cannot be exchanged when created by users in the Enjin game and application ecosystem. According to the company, these NFTs can be traded and integrated cross-platform with the potential to create entirely new in-app economies. Maxim Blagov, the CEO of Enjin, made the following statements:
“From Super Mario to Pokémon and Final Fantasy Japan is home to pioneering games that have a permanent place in pop culture. We believe that some of the best blockchain games in the world will come from the Japanese gaming industry. “
Coincheck is one of Japan’s largest licensed cryptocurrency marketplaces and is overseen by the country’s Financial Services Agency (FSA). According to the FSA’s cryptocurrency listing history, ENJ is the first company in the gaming category to be listed on a domestic stock exchange.
Enjin, the company behind ENJ, first entered the Japanese market in 2019 by partnering with Tokyo-based blockchain accelerator HashPort. Seihaku Yoshida, CEO of HashPort, said: “Enjin made a bold commitment to enter the Japanese market in 2019 and is determined to grow its business in this area regardless of market conditions.
Did it affect the price?
Enjin Coin (ENJ) has gained 50% in the last 24 hours and 125% in the last week, according to Coingecko data. With this news, ENJ seems to have accelerated its rise, which it has maintained since the beginning of the year. Again, according to Coingecko data, the crypto currency has increased by 377% in the last 1 year.