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Now, one is willing to stay on the back foot; almost every leading technology giant is trying to penetrate the cryptocurrency world. The Japanese economy is boosted due to technological advancement.
Japan is one of the most developed nations in terms of technology. Most recently, two companies were interested in launching a crypto wallet. According to regional Japanese media outlet Project Design Online, NTT Digital will launch its wallet at the end of this year.
It has partnered on the project with the US-based now(dot)gg platform; the wallet is designed/developed for corporate usage. The wallet will be termed Scramberry Wallet.
NTT is known as the largest and most prominent telecom provider and is ranked 55th Fortune company in the world.
The available data states that Scramberry Wallet is a digital wallet that can hold crypto assets and NFTs and is being developed for ease of use, safety, and security.
Blockchain Technology has created several opportunities for investors, as decentralized currency is considered the future of physical currency. Rough data claims that there are over 8 million crypto users in Japan.
However, owning and investing in cryptocurrencies is not restricted in Japan; the Payment Service Act defines “crypto assets” as payment methods that aren’t denominated in fiat currency and can be used to pay bills and other expenses.
Some Japan-Based Crypto Projects
Izumi Finance is a liquidity mining service operating on Uniswap V3 based in Tokyo, Japan; Original Gamer Life is a blockchain-based company based in the region.
SushiSwap, a renowned DEX based in Tokyo, Japan, was founded in 2020; it gathered funding from HyperChain, Platinum Capital, GoldenTree Asset Management, and Fantail Ventures.
BitFlyer is known as Japan’s largest Bitcoin and blockchain company, which is also termed the most used exchange in the region.
Crypto Market Update
GBTC Bitcoin spot ETF has been bleeding for the past few weeks; over $1 billion has gone out of the ecosystem.
On March 21, 2024, The Grayscale Bitcoin Trust (GBTC) had net outflows of $358.8 Million, which followed a massive week of outflow. According to data from Farside Investor, an outflow of $642 Million was observed on March 18.
During a Coinbase event on March 20, 2024, Patrick McHenry highlighted that the stablecoin bill is getting close to being ready for a House vote despite recent interruptions in Congress.
This indicates a bipartisan effort and an essential foundation in the legislative process for digital currency.
An Estonian media outlet reported on March 21 that the nation’s government has enacted a bill requiring a legal requirement and licensing process for digital asset service providers.
In the past 24 hours, the market capitalization has slipped significantly and reached $2.41 Trillion. Similarly, Bitcoin, the most prominent crypto in the market, has lost 4.10% of its price.
Ethereum, the second most prominent crypto, is constantly losing its price. Analysts claim that the decline is backed by a state authority’s questioning of the Ethereum Foundation.
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
