Enjin's ENJ Token Receives Approval from Japanese Crypto Industry SRO, Will Be Listed on CoinCheck

Key highlights:

• Enjin's ENJ token has received approval from the JVCEA
• JVCEA is an officially recognized self-regulatory organization (SRO) consisting of regulated Japanese cryptocurrency exchanges
• The ENJ token will be listed on the CoinCheck exchange on January 26

Enjin reaches big milestone in Japan

According to an annoucement posted by Enjin, the ENJ token has received approval from JVCEA, Japan’s self-regulatory organization for cryptocurrency exchanges. Enjin says that ENJ is the first »gaming token« to be authorized in Japan. With ENJ now getting the green light from the Japanese crypto industry, the token will be listed on CoinCheck, a major Japanese cryptocurrency exchange. CoinCheck will list ENJ on January 26.

The Enjin project is leverages Ethereum and non-fungible tokens (NFTs), which is a unique kind of digital object made possible by blockchain technology. Unlike »standard« blockchain tokens (think LINK or ENJ), where each unit is interchangeable with another, NFTs are specifically meant to be unique. Since they enable the creation of scarce digital objects, NFTs are gaining traction in areas such as art, collectibles and gaming. 

ENJ tokens can be used to mint a NFT through the Enjin platform. The NFT can later be »melted« by its owner to unlock the ENJ tokens that were locked into it. While Enjin’s efforts have been focused on the gaming sector, for example by making it possible for game developers to have their in-game items represented as NFTs, the Enjin platform can also be used to make other kinds of NFTs such as digital art pieces or collectibles.

Enjin CEO Maxim Blagov commented on Enjin’s efforts in the Japanese market:

“From Super Mario to Pokémon and Final Fantasy, Japan is home to pioneering games that hold a lasting place in pop culture. Japan’s culture of innovation is directly aligned with Enjin’s. We believe some of the world’s best blockchain games will come from the Japanese gaming industry, and we will be there to help them leverage this powerful technology to the fullest.”

The news has had a big impact on the ENJ market. The token is up a whopping 53% in the last 24 hours, making it the cryptocurrency top 100’s best performer in this time frame.