JPY Coin

<p>Hyperithm, a digital asset management firm based in Tokyo and Seoul, has <a href="https://www.edaily.co.kr/news/read?newsId&#61;01246406638753784&amp;mediaCodeNo&#61;257&amp;OutLnkChk&#61;Y" rel="noopener noreferrer nofollow">invested in JPYC Inc.</a>, the issuer of JPY Coin (JPYC), the first stablecoin pegged 1:1 to the Japanese yen. First launched in January 2021, JPYC is a legal Prepaid Payment Instrument in Japan that is issued on various blockchains, including Ethereum and Polygon. The total figure for the investment was not disclosed by either party.</p><h2 id="header-0">Insights from industry leaders</h2><p>“We believe that stablecoins linked to fiat currencies are essential to expanding the cryptocurrency ecosystem. Japan became one of the first countries to officially issue stablecoins after the revision of the Payment Services Act in June,” said Lloyd Lee, CEO of Hyperithm. “We expect that the widespread adoption of JPYC will increase the inflow of Japanese capital into the cryptocurrency ecosystem.”</p><p>Noritaka Okabe, CEO of JPYC Inc., explained that the firm aims to create more connections between crypto and everyday life, forging an environment where everyone can participate in innovation and capital liquidity.</p><h2 id="header-1">JPYC Inc.’s strategic evolution</h2><p>Although it is currently issued as a third-party Prepaid Payment Instrument, JPYC Inc. plans to acquire a license to conduct transactions including money transfers and electronic payments in accordance with the revision of the Payment Services Act, which took effect in June 2023. This will serve to strengthen the stablecoin’s trust structure and remove limits on remittances. After acquiring the license, Mitsubishi UFJ Financial Group, a bank holding and financial services company based in Tokyo, will be responsible for JPYC’s fiat currency reserves.</p><h2 id="header-2">Pioneering crypto finance</h2><p>Founded in January 2018, Hyperithm provides crypto corporate finance services to institutional and upper-class investors. It is one of South Korea’s 29 companies that are licensed by the Financial Intelligence Unit (FIU) to operate as a Virtual Asset Service Provider (VASP). Notably, it raised $11 million in a series B funding round in 2021, which was led by former clients Hashed and Wemade Tree. The company’s CEO, Lee, was also listed on Forbes’ 30 Under 30 Asia under the Finance and Venture Capital category.</p>

Hyperithm invests in Japanese yen stablecoin issuer JPYC Inc.

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