In one of the most popular news, it is seen that Mitsui, the trading giant has been planning to launch the gold-based stablecoin instead of launching the DCJPY which is another very major stablecoin project that belongs to Japan. This news has shocked everyone in the crypto world since everyone was awaiting DCJPY instead of another stablecoin. The trading house Mitsui belongs to Japan has been making this plan to issue the best gold-based cryptocurrency, according to the news sites.
The new stablecoin that is to be launched by Mitsui is named ZipangCoin or ZPG and is the newest digital currency. This currency will properly be issued as early as this February according to the news. The currency will be made available for different retail investors through the different exchanges of cryptocurrency. The top 10 cryptocurrency exchanges 2021 will be providing the coin to different investors. The linking of the stablecoin will be done with the prices of gold at the yen-denominated prices that will be set by Mitsui in the first place. The prices are estimated from the London Metal Exchange and will have the value of one ZPG equate with a single gram of gold. This news has been guaranteed by Sumitomo Mitsui Banking.
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Following the report of Mitsui Banking about the stablecoin, it will be initially offered to the investors via the proprietary cryptocurrency exchanges that belong to Mitsui. However, the other exchanges might soon have access to providing this particular cryptocurrency to the users and investors to ensure proper transactions of the currency. Mitsui is one of the biggest trading houses in Japan and such a cryptocurrency project will definitely receive a lot of speculation as well. This particular trading house has launched the trading platform for cryptocurrency trading along with Seven Bank in Japan. The exchange has been properly registered with the help of the Kanto Local Finance Bureau that comes under the FSA or the Financial Services Agency of Japan. Hence, the Agency has to provide the approval for the registration of the currency in the first place.
New Opportunities Open Up Gold-Based Crypto
As it has been mentioned before, the cryptocurrency that has recently been launched by Mitsui is primarily gold-based and hence has a huge potential for changing the market for cryptocurrency in the best way. The main aim of such a project is to enable different options for the mitigation of the inflation hedges as well as the financial risk that might haunt some cryptocurrency investors. Not to mention that it also provides important opportunities along with allowing the ZPG cryptocurrency to be utilized for different purposes such as smartphone payments and much more. This currency will definitely make the process of transactions a bit easier. Hence, the users will be able to make easy payments in supermarkets as well as pay their bills easily.
Japan is known for its support for cryptocurrency and it doesn’t really come off as a huge surprise that Mitsui isn’t the only company in Japan that has the main focus on releasing and developing the stablecoins in the best and the most efficient manner. There are other companies present in Japan that are planning on launching their very own versions of cryptocurrency as well. Some of the main companies that are included in the list are Mizuho Financial, Mitsubishi UFJ, and Sumitomo Mitsui Financial. These companies have collaborated and announced the trial process of DCJPY, another digital currency that is based on the Japanese yen. Going by the reports of the cryptocurrency news sites, it is definitely a sure thing that Mitsui has high hopes of issuing the ZPG before DCJPY is launched.
