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Bitmain Partners with Merkle Standard to Develop 500MW Mining Infrastructure

By
Adam Barry
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0

Bitmain, a mining infrastructure provider in Beijing, is partnering with Merkle Standard, a Bitcoin miner in the U.S. The latter will provide parts, expertise, and investment to Bitmain. As per their agreement, Bitmain will help develop about 500MW clean digital mining infrastructure. This project will be at Merkle’s hydro-powered facilities, Eastern Washington.

Bitmain is known for the Antimers brand

Bitmain is a leading firm in Bitcoin’s ecosystem. It is known for its worm on the Antimers brand, referring to the S19 and S9 ASIC miners. Merkel, on the other hand, is a sustainable Bitcoin money working to have a negative net carbon by the end of 2022. Because of this joint project, Merkle will have 150,000 Bitcoin mining machines.

According to the CEO of Merkle Standard, Ruslan Zinurov, the company believes that its collaboration with Bitmain will accelerate its growth and make it a leading Bitcoin mining platform in North America.

Merkle Standard’s Chief Strategy Officer, Josh Zappala, adds that Bitcoin mining benefits local communities. For this reason, the firm hopes to create more employment opportunities for the community with 35-50 full-time jobs while helping the local businesses.

The project will use Bitmain’s latest and most innovative technology. Experts believe that it will become a leading digital asset data center worldwide.

The CEO of Bitmain Mining Decision, Du Shisheng, states that it is excited about its partnership with Merkle. Furthermore, Merkle’s ability to operate, execute and concentrate on sustainability makes it the right partner for Bitmain.

More bitcoin miners are becoming sustainable 

Merkel Standard is just one of the bitcoin mining companies working toward sustainability. This move comes after bitcoin miners faced scrutiny for its harmful impact on the environment.

The Bitcoin Mining Council had a 58.5% sustainable energy mix for the fourth quarter of 2022. Meanwhile, Bitcoin miners in Norway are drying lumber using waste heat.

The Merkle Standard facility, Eastern Washington, is already in its first production phase. Moreover, the 225W site plans to expand to 500MW in the future. New equipment such as S19+ hydro miners, S19 XP and S19J Pro will be online in Washington. However, Merkel will expand to other regions by the year’s end.

The Crypto Dip is a Fresh Shot at Exposure to the Top Market Theme (HUT, ISWH, HIVE, SBNY, RIOT, SI, BKKT, BITF, MSTR)

By
Adam Barry
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0

Crypto is dead. Long live crypto.

This market, perhaps above all others, is the ultimate roller coaster. Crypto investors invented the term “HODL” – or Hold On for Dear Life – for a reason. It isn’t easy to stick with a bet that regularly suffers from bipolar disorder.

As Sinatra crooned, “That’s life (That’s life), That’s what all the people say. You’re riding high in April, shot down in May. But I know I’m gonna change that tune… When I’m back on top, back on top in June.”

Such is life in the crypto space. However, volatility notwithstanding, the net result is that Bitcoin is the best performing major asset in the world over the past 2 years, up over 400% in that time. 

HODL, indeed.

For those who missed that move, there are plenty of interesting ways to make up ground. For example, many publicly traded stocks tethered to the crypto markets often outperform Bitcoin during periods of strength. 

As we move toward a world dominated by mainstream acceptance of digital currencies, digital goods, tokenization, and alternative forms of finance, investors with no exposure to stocks in the space may find their portfolios left behind.

That puts the current Bitcoin dip in a productive light. With that in mind, we take a look below at some of the most interesting stocks tied to the crypto theme that could form the foundation for an interesting shopping list over coming weeks.

Hut 8 Mining Corp. (Nasdaq:HUT) bills itself as a cryptocurrency mining and blockchain infrastructure company focused solely on mining bitcoin. 

The stock provides investors with direct access to bitcoin, without the technical complexity or constraints of purchasing the underlying cryptocurrency. In other words, HUT is about as a straightforward as it gets in terms of being a proxy for crypto exposure.

Hut 8 Mining Corp. (Nasdaq:HUT) recently announced the appointment of Josh Rayner to the new role of Vice President, Sales, effective February 21, 2022. Mr. Rayner joins Hut 8 to lead sales with a focus on the Company’s recently acquired data center and managed services business under the direction of CEO Jaime Leverton.

“We are excited to welcome Josh to our team to help us strengthen our existing position and expand our new customer base,” said Jaime Leverton, Chief Executive Officer of Hut 8. “As both a leader with diverse experience in the data center realm and a passionate champion of digital assets, Josh is well positioned to support our continued momentum and will be an asset to our team.”

Even in light of this news, HUT has had a rough past week of trading action, with shares sinking something like -17% in that time. That said, chart support is nearby, and we may be in the process of constructing a nice setup for some movement back the other way. 

Hut 8 Mining Corp. (Nasdaq:HUT) managed to rope in revenues totaling $50.3M in overall sales during the company’s most recently reported quarterly financial data — a figure that represents a rate of top line growth of 774.8%, as compared to year-ago data in comparable terms. In addition, the company has a strong balance sheet, with cash levels exceeding current liabilities ($375.5M against $21.9M).

ISW Holdings (OTC US:ISWH) could be the most interesting name on this list mainly because it has very real and growing operations with top-tier partnerships, but it likely still trades at a steep discount to other crypto players because it’s still on the OTC market. Given the scale of the company’s operations, it may not be long before it moves up to a listing on a major exchange, which could unlock a lot of value for its shareholders.

The stock is also outperforming its peers over the past three months – a period when most of the stocks in the crypto space have been crushed as BTC pulls back. During that period, ISWH is actually one of only a very select number in the space to avoid big losses. That relative strength may be an important sign of things to come.

ISW Holdings (OTC US:ISWH) has also been advancing its own interests over that period, readying for the launch of its ambitious project in the Southeastern US, where it has laid out a 10-phase process to switch on at least 200 megawatts of mining capacity in its hosting partnership with global superpower Bitmain Technologies.

In a big release out yesterday, ISWH announced the full live launch of that project, stating that it has now officially powered up the first 8 POD5 units at the site (each POD5 unit contains 280 mining rigs now actively mining Bitcoin).

“This is a tremendous day for ISW Holdings and our shareholders,” stated Alonzo Pierce, President and Chair of ISW Holdings. “After months of hard work, and after overcoming a series of obstacles related to the unpredictable global macroeconomic context, we are very proud to announce that the Company is now officially hosting client mining services and mining Bitcoin at scale in our 200MW mining and hosting project.”

According to the company’s release, once fully completed, at current energy price spreads and agreements, this first 20MW Phase is expected to generate nearly $9 million in annualized revenues for the Company. Management expects to begin building out phases 2 thru 10 starting in April, targeting 200MW of power across 200 POD5 units, each driving 280 state-of-the-art mining rigs, by January 2023.

ISW Holdings (OTC US:ISWH) President Pierce added, “We are now in the process of deploying the first 20MW Phase 1 buildout. We will continue to energize the entire Phase 1 project over the next couple of weeks and then swiftly move on to Phase 2.” As if that wasn’t enough to drive interest, according to a recent update from the company, following the full deployment and activation of all 200 MW of power, ISW will reportedly have the opportunity to increase its facility to 500 MW of power, conceivably positioning the company as one of the largest crypto mining operations.

Hive Blockchain Technologies Ltd. (Nasdaq:HIVE) went public in 2017 as the first cryptocurrency mining company with a green energy and ESG strategy.

The company defines itself as a growth-oriented technology stock in the emergent blockchain industry. HIVE owns state-of-the-art, green energy-powered data centre facilities in Canada, Sweden, and Iceland, where it claims to source only green energy to mine on the cloud and HODL both Ethereum and Bitcoin. Since the beginning of 2021, HIVE has held in secure storage the majority of its ETH and BTC coin mining rewards. 

Hive Blockchain Technologies Ltd. (Nasdaq:HIVE) recently announced record earnings for the third quarter ended December 31, 2021, including news that revenue rose to $68.2 million, up 30% compared with last quarter, and 397% since the same quarter last year. Net income reached $64.2 million, up 7% from last quarter, and 273% since the prior year. Hive reported combined liquid BTC and ETH with a gross value of $168 million, up 11x from $15 million a year ago. HIVE ended the current December quarter holding 1,813 Bitcoin (“BTC”) worth $83.1 million and 23,290 Ether (“ETH”) worth $84.9 million.

Frank Holmes, HIVE’s Executive Chairman, stated “We wish to again thank our loyal shareholders for believing in our vision to mine both Ethereum and Bitcoin to generate robust cash flow returns on invested capital and we believe our results continue to validate the significant contribution to our strategy to mine both BTC and ETH and HODL as many coins as possible.”

Recent action has seen 8% tacked on to share pricing for the name in the past month, but that move comes in the context of a larger bearish trend. Market participants may want to pay attention to this stock. HIVE has a past featuring a litany of sudden rips to the upside. What’s more, the listing has seen a growing influx of trading interest, with the stock’s recent average trading volume running 63% above the average volume levels in play in this stock over the longer term. 

Hive Blockchain Technologies Ltd. (Nasdaq:HIVE) currently carries a capital value in the market of $819 million and sports a significant war chest ($180.4M) of cash on the books, which must be weighed relative to about $12.9M in total current liabilities. HIVE is pulling in trailing 12-month revenues of $172.2M. However, the company is seeing declines on the top-line on a quarterly y/y basis, with revenues falling at -22.9%.

Other top stocks in the cryptocurrency space include Signature Bank (Nasdaq:SBNY), Riot Blockchain Inc. (Nasdaq:RIOT), Silvergate Capital Corp. (NYSE:SI), Bakkt Holdings Inc. (NYSE:BKKT), Bitfarms Ltd. (Nasdaq:BITF), and MicroStrategy Inc. (Nasdaq:MSTR).

Intel Corporation (NASDAQ: INTC) to Develop a Blockchain Accelerator Shipping Before the Year Ends

By
Adam Barry
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0

Intel Corporation (NASDAQ: INTC) recently announced its intention to introduce a new form of energy crypto accelerators that the company will release before the end of the year. The company’s senior vice president of accelerated computing systems and graphics announced the development and contributed to Blockchain technology.

The company had previously announced its decision to unveil this technology at the beginning of the year.

The unveiling is the next generation’s application for the specific Integrated circuit mining equipment, and the company intends to launch the idea at the International Solid-State Circuits.

Intel intends to create a new conference division in the Koduri division.

Other plans that the company plans to have in favor of cryptocurrency

The company’s developed division will be in charge of the development of custom silicon platforms which will assist in the mining of Blockchain and the various designs of supercomputers in the country.

Intel anticipates the circuit’s creation will issue a Blockchain accelerator responsible for the mainstream GPUs mining Blockchain networks.

The accelerator also possesses better watt performance than other accelerators created by various organizations. During the announcement, Koduri stated that the accelerator used SHA-256 encryption, developing the consumers’ first grid network of Blockchain mining.

He further added that to obtain a minimal effect on the distribution of present products, the accelerator’s infrastructure is built on a small piece of silicon.

Intel operations 

The company designs, create and sells computer products and other related items. Some of the company’s excellent services and products include graphic network and communication systems, conferencing, and other known digital services.

The last publication of the fortune 500 magazines ranked the company at number 45 due to the revenue it has generated since its inception.

Intel also owns subsidiaries such as mobile eye and Intel Ireland, among others. The company is one of the leading manufacturers and distributors of computers and related software; the company value estimates are $95.39.

Intel’s largest competitors include companies such as Applied Micro Circuits corporation and Marvell technology group, among others. The company has also generated a small carbon footprint to develop products without negatively impacting climate change.

Russia To Regulate Digital Assets As Currency, and Arrests Made in the Bitfinex Hack

By
Adam Barry
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0

Following the recent tug of war regarding cryptocurrency in Russia, the government and the central bank of Russia have made it a currency. The country created various regulations that treat the currency as an analog form of currency.

This move is different from other countries that have implemented the currency in its digital form and assets.

The proposed law is to implement new regulations from the 18th February 2022, and its passing of the rules authorizes the use of approved cryptocurrencies that include Bitcoin, among Others.

From the 18th of February, the country will authorize banks and licensed bodies to trade using cryptocurrencies.

The country’s regulations limit the number of cryptocurrencies transacted to 600,000 rubbles which is equivalent to $ 8,000. Any transactions above that amount require the parties involved to declare the transaction to the authorities.

Apple Inc (NASDAQ: AAPL) is developing a device that assists in the trading of cryptocurrency

Apart from Russia amending its rules to incorporate crypto assets, other countries and organizations developed regulations and equipment to facilitate its trading.

Apple Inc (NASDAQ: AAPL) recently developed a new feature in its iPhone that will assist businesses and merchants in trading cryptocurrencies. The increased quality joins options such as debit and credit cards and Apple pay.

The feature also allows consumers who utilize payment methods such as crypto.com Visa cards and Coinbase cards. Other organizations contribute to the development of cryptocurrencies and digital assets globally.

Shortcomings of Bitcoin’s development in the market

The U.S. Department of Justice recently announced that it arrested two individuals connected to the Bitfinex Hack conducted in 2016. The Bitfinex Hack hindered the development of Bitcoin in the country.

However, the justice the department arrested Ilya Linchestein and his spouse Heather Morgan, suspected of having a hand in the hack.

The authorities traced at least 25,000 BTC from the hacked wallets to their accounts

Deputy General Lisa Monaco stated that the department is attempting to maintain digital anatomy by protecting all individuals’ privacy and transactions. The official further stated that the authorities would trace the funds that were stolen through the hack and find all those who were responsible.

The development of the case proves that the authorities are also willing to follow the funds regardless of it being in the original or digital form.

Ukraine Is Using Bitcoin Donations to Fund Its Military

By
Adam Barry
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0

Reports indicate that Ukraine might be using Bitcoin to boost its military in preparation for a war with Russia, with over 100,000 troops at the Ukrainian border. Ukraine has received donations which it has used to obtain facial recognition software that recognizes a Russian spy. The country is also using donations on medical supplies and improving military equipment.

While Russia has denied trying to start a war with Ukraine, countries like the U.K and the U.S have expressed their doubts. Moreover, they have threatened to retaliate if Vladimir Putin, Russia’s president, does anything to Ukraine.

Financial institutions cannot block crypto donations

According to Tom Robinson, the chief scientist as Elliptic, a blockchain firm, more counties use crypto for war funding. Many governments have approved this move as they don’t have to go through third parties. For this reason, no financial institution can block transactions.

A London fintech data analyst, Boaz Sobrado, adds that it is virtually impossible to confiscate crypto donations hence their reliability.

The Ukrainian Cyber Alliance states that it only uses crypto to raise money. The country has received 100,000 Bitcoin in donations in 2022. It has also received Litecoin, Ethereum, and other currencies.

Organizations that receive crypto donations

The Ukrainian Cyber Alliance engages in Cyberattacks with Russia. Elliptic reports indicate that their work includes attacking propaganda sites, people with links to Russia’s operations in Ukraine, and the Russian Ministry of Defense. In addition, the organization collects vital information in its operations which it shares with intelligence agencies and law enforcement in Ukraine.

Another Ukrainian organization that accepts crypto donations is the Myrotvotrets Center. This NGO has received crypto donations for about six years from more than 40 countries. The organization publishes data on Ukraine’s enemies. Myrotvotrets has received 100 Bitcoin donations worth $267,000.

Come Back Alive, an organization that provides medical supplies and equipment to the army raises most of its funds in more traditional ways. However, the organization made a Bitcoin wallet after repeated requests to allow people to support them comfortably. It has raised crypto worth $166,781 with four transactions since August.

Another group accepting crypto donations is the Belarusian Cyber Partisans which has received $155,000 worth of Bitcoin.

Shiba Inu Could Experience Jump if Listed on Foxbit

By
Adam Barry
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0

Shiba Inu {SHIB) is now listed on Foxbit, a reputable and high-ranking crypto exchange. Foxbit, which launched in 2014, is among the first digital exchanges in South America.  The platform has over 950,000 customers. For this reason, SHIB could experience a jump after being listed on Foxbit.

Foxbit will allow SHIB trading on February 16, 2022. This move could benefit the platform as Brazil, and South America have the most Shiba Inu investors after India and other Asian countries.

Many exchanges and retailers are using SHIB

Because of this, many cryptocurrency exchanges in South America are listing Shiba Inu on their platforms. For instance, Bitso, whose headquarters is in Mexico, listed Shiba Inu in January. The trading platform also has users in Argentina. Mercado Bitcoin, which is also in Brazil, also listed SHIB.

South American exchanges are not the only ones that are listing SHIB as many reputable exchanges around the world are trying to meet investors’ needs by adding SHIB to their exchanges. Furthermore, listing SHIB allows them to profit from the cryptocurrency significantly.

Other than exchanges, other trailers are also trying to benefit from SHIB.  Many retailers now accept SHIB as payment. In addition, NOWPayments stated that retailers who take SHIB payments could earn more revenue and boost profits.

Meanwhile, SHIB has launched the private testnet of Shibarium. Fortunately, Shytoshi Kusama, ShibaSwap’s lead developer, revealed that the exchange would release the public testnet soon. The firm is also selling its Shiba Inu properties on the Shiberse Metaverse.

SHIB is on the uptrend 

SHIB has been in an uptrend position and trades over the 0.236 Fibonacci level. Moreover, this level is over the bullish 0.618 Fibonacci golden ratio. If SHIB maintains this position, it could come out of its $.000035 resistance level.

When SHIB breaks from this level, it could enhance its trading price and reach $.00004. However, this is wholly dependent on investor behavior and bullish market performance. SHIB currently trades at $0.00003334 and has a +4.9℅ daily growth rate. It has also amassed a market cap of more than $18 billion. SHIB’s performance places it at CoinGecko’s top 20 cryptos.

KPMG Invests in Cryptocurrency and Adds Bitcoin and Ethereum to its Treasury

By
Adam Barry
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0

KPMG, a Canadian accounting firm, has added Ethereum and Bitcoin to its treasury. The firm is the fastest traditional institution to venture into the cryptocurrency sector. KPMG purchased the assets via Gemini crypto exchange execution and custody services.

This move is the first KPMG has made towards directly investing in crypto. The company also hopes to maintain a carbon transaction of zero as per its governance, social, and environmental obligations.

KPMG has explained that it has entered the cryptocurrency market and believes that the sector will continue growing. Benjie Thomas, the company’s managing partner, believes that more institutions will adopt blockchain technology and crypto assets, making it a standard asset class.

The KPMG governance committee evaluated cryptocurrency investment

Before KPMG decided to invest in crypto, its governance committee was tasked with investigations the venture. The results were positive, and the committee recommended that the company venture into digital assets. The committee also evaluated how adding digital assets to the firm’s treasury would impact accounting and taxes.

KPMG’s governance committee includes stakeholders from tax, audit, advisory, risk management, and finance. These members authorize treasury allocation and give oversight. When the team investigated crypto investment, they looked into custodial, reputational, and custodial risks.

KPMG’s investment in digital assets will not end here. The accounting firm has plans to enter other sections of crypto, including the Metaverse, Non-fungible tokens (NFTs), and Decentralized Finance.

Cryptocurrency investment increased in 2021

Before the accounting firm announced its investment, it raised a report detailing how crypto investment in 2021 was more than investments made from 2018 to 2020. The investments in blockchain and crypto reached $30 billion in 2021. Investments for 2028, 2029, and 2020, on the other hand, were $8.2 billion, $5.6 billion, and $5.5 billion, respectively.

According to the CEO and Founder of Neo-bank for Crypto Industry Cashaa, Kumar Gaurav,  KPMG has invested in crypto in the past. Moreover, the firm has expanded its portfolio with finance practices and technologies. The firm has also acknowledged that Bitcoin has gotten high interest since 2020.

The investment is a reflection of crypto attitudes in Canada. The government hasn’t banned digital assets and views them as a commodity.

Russia To Introduce Strategies for Crypto Regulation Following Mixed Reaction

By
Adam Barry
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0

Following various cryptocurrencies in the country, the Russian government is currently discussing the potential of having a digital currency in Russia. In addition, the government anticipates offering other legislations of cryptocurrencies.

The government has conducted meetings to create this legislation at the White House in Moscow. The minutes recorded in the forum were published in a local newspaper Kommersant.ru and later quoted by Bitcoin.Com reports.

Some of the financial institutions view that there be a blanket ban on cryptocurrencies. However, the Ministry of Finance is pushing for strict rules and regulations for cryptocurrencies and does not acknowledge Bitcoin as a legitimate means of payment.

If the country passes the legislation, then the country will possess digital money that the government controls.

The Central bank has proposed a ban on cryptocurrency

The Central Bank of Russia recently proposed that cryptocurrency be banned altogether. However, the finance ministry proposed clear and strict rules in dealing with the currency that will have everyone on the same page.

Following the proposed ban by the Central Bank of Russia, various leading government officials gave their reactions. Officials such as the former president of Russia Medvedev stated that the ban would only give rise to negative results. Most citizens of Russia have also displayed their disapproval of the ban.

President Putin, Russia’s current president, noted that the Central Bank could not forbid the country’s technological progress. He further added that the bank should introduce methods to integrate the latest technologies in the country.

Sergey Katyrin suggests Russia should consider mining a business

The chairman of the Russian Chamber of Commerce, Sergey Katyrin, issued a statement stating that the government should view the mining of digital currencies as a business. He added that classifying it as a business would guarantee certain benefits, such as tax, among others.

The former president released the statement following the Ministry of Finance’s development of crypto-related activities. The debate of Russia’s proposed legislation has a lot of observers watching it closely. The reactions will, in turn, affect the adoption of cryptocurrency in the country. Therefore, Russia’s cryptocurrency adoption will lead to positive or negative impacts.

Canada’s Truck Drivers Turn to Bitcoin As GoFundMe Withholds $9 Million in Donations

By
Adam Barry
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0

Truck drivers in Canada recently started raising money with Bitcoin after the authorities suspended their GoFundMe fundraiser. The drivers developed the fundraiser to collect donations to protest against the recent COVID-19 restrictions that the company had created. 

Before the suspension, well-wishers contributed funds equivalent to $9 million through the page. However, the site later published a disclaimer stating that it was under review and no more contributions would be possible. 

The disclaimer further directed that the authority halted the site because the necessary regulatory bodies required time to ensure that it followed the required regulations. 

However, following the announcement, GoFundMe released a statement that the campaign violated the site’s terms and, therefore, wouldn’t disburse the funds. Fortunately, the site allowed the donors to petition for their funds on or before the 19th of February 2022. 

Canadians use Bitcoin to raise funds for drivers

Following the suspension of the GoFundMe site, the drivers could not access the funds raised, which created different means of fundraisers. Several Canadian citizens raised funds for the drivers via Bitcoin platforms. 

The drivers own the wallet’s keys that receive the Bitcoin donations via the Tallycoin network. The network has no power to withhold any or part of the funds donated. Instead, contributors can use the Bitcoin chain or Lightning Network to deposit Bitcoins, making it very efficient. The drivers recently announced that the campaign had gathered 1BTC, equivalent to $ 41,500.

The drivers’ plan on how to spend the currency 

The Bitcoin donated is stored in a wallet that will require a lot of signatures from other participants before spending. This arrangement will make it difficult for a participant to use the funds without the required authorization. 

Therefore, this will ensure that all participants have a say in the spending of Bitcoins. In addition, Canada possesses a diverse number of Bitcoin service firms that assist consumers in using the currency for products and services. 

 The participants discuss an effective method to transfer the Bitcoin to the drivers as winter approaches. The drivers will require the wallet to purchase various items such as food and other necessities. 

Mitsui & Co Ltd (OTCMKTS: MITSY) Plans to Offer Japan’s First Gold-Linked Cryptocurrency

By
Adam Barry
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0

Mitsui & Co Ltd (OTCMKTS: MITSY), a trading company in Japan, announced its intention to launch a cryptocurrency pegged to gold in yen’s price. The currency, ZipangCoin (ZPG), is a result of a collaboration between the London Metal Exchange and the company. 

A local news outlet, Nikke Asia report recently published that ZipangCoin is the first gold pegged currency in the country.  

The company offers the currency via its crypto exchange platform before issuing various trading companies. Mitsui Banking also collaborated with multiple organizations such as Seven Bank and others to develop the cryptocurrency. 

Mitsui & Co registered its currency with the appropriate authorities

ZipangCoin’s worth is similar to a gram of gold distributed by Sumitomo Mitsui Banking and is accessible to investors across the globe. The company registered the currency with the relevant authorities in Japan, including Japan’s Financial Services Agency (FSA). Following the approval issued by the Japan Financial Services Agency, Mitsui also registered the currency with the Kanto Local Finance Bureau. 

The currency will be utilized on a private blockchain channel, as was recently launched at the beginning of February. The private channel will regulate the consumers that participate on the platform. Following the launch, the company intends to mitigate the financial risk by creating digital currencies. 

Mitsui predicts that the currency will be utilized as a trading opportunity for various trading houses in Japan within a substantial period. The company also indicates that it will develop a mobile application that makes the currency accessible to consumers and investors once successful. 

Mitsui is among the first financial institution to venture into crypto

Mitsui is among the financial organizations in the country to join the cryptocurrency field. In the previous year, Japan listed approximately 74 institutions that focused on developing a stablecoin. 

Some of the companies that have developed a stablecoin include Mitsubishi UFJ, which announced the development of a bank deposit-backed yen-based digital currency. 

Despite the planned launch of ZipangCoin, Mitsui still has to obtain a lot of approvals before the company can market the currency. In addition, the country recently proposed amended legislation that controls the exchange of stablecoins.  The regulatory body is doing so to prevent various digital crimes such as money laundering. 

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