Enjin Coin grows 71% after receiving approval

Enjin Coin grows 71% after receiving approval from Japanese regulators

The token recently received the go-ahead from the Japanese Virtual Currency Exchange Association

On January 19, Enjin Coin (ENJ) became the first gaming-related crypto Bitcoin Victory to receive the green light from the Japanese Virtual Currency Exchange Association, the JVCEA.

This coincided with a sudden 71% increase in the dollar value of the coin in just 9 hours, with the price of ENJ rising from $0.236340 to a peak of $0.406356.

The company’s official announcement reads:

„Enjin Coin has been approved by the JVCEA and will be listed on the Coincheck exchange, making it the first gaming token authorised for use in Japan.“

As of January 26th, Enjin Coin will be listed on the Coincheck platform

ENJ will be available for purchase with JPY and BTC

Enjin’s entry into the Japanese market was helped by Hashport Accelerator. Seihaku Yoshida, CEO of Hashport, commented:

„Enjin was very brave to enter the Japanese market in 2019, and has since shown a strong determination to grow its business, 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.“

Maxim Blagov, CEO of Enjin, said the company hoped to benefit from entering one of the world’s most crowded gaming markets, and intended to take advantage of the culture of technological innovation, which is well established in the Japanese country:

„From Super Mario to Pokémon and Final Fantasy, Japan is home to pioneering video games that hold an enduring place in pop culture. Japan’s culture of innovation is aligned with that of Enjin. We believe that some of the world’s best blockchain titles will come from the Japanese industry, and we will be there to help them make the most of this powerful technology.“

Enjin Coin was first announced in 2017, and launched a mainnet the following year. In 2019, Enjin made headlines after it was announced that ENJ would be one of the native apps on the then-newly released Samsung Galaxy S10.