Matching JPY-based Stablecoin JPYW and Japanese blockchain game Mechaverse reached official collaboration
TOKYO, July 4, 2022 / PRNewswire / – On July 1, 2022, Tokyo local time, compatible JPY-based Stablecoin JPY World (JPYW) officially announced that they have reached an ecosystem co-construction and collaboration in transactions with the Japanese blockchain game —— Mechaverse. According to the official Twitter of Mechaverse, the two parties will explore and implement various aspects, such as settlement, payment, liquidity supply and investment derivatives of JPY-based Stablecoin in Mechaverse. Finally, it will achieve the goal of increasing the number of users, creating a well-known animated IP image and making it convenient to enter the Web3.0 meta-verse.
JPYW is a prepaid token launched by PassPay that can be purchased and used on the official PassPay website at a price of 1 YEN = 1 JPYW. JPYW secures a 1: 1 anchor with YEN in the form of margin. As a compatible JPY-based stablecoin under the “Revision of Funding Resolution Act”, it has become the only blockchain stablecoin certified and licensed by the government in Japan. In the meantime, the company has also submitted the application and the deposit for “issuer of prepaid payment method (internal)” to the authorities.
As the first Japanese mecha blockchain game by Mechaverse Labs, Mechaverse combines high quality Japanese animation IP and playable blockchain games based on the Web3 operating platform and solution, as well as exploring the value of NFT and building the entrance to Japanese anime metaverse. meka through GameFis function to connect values.
This collaboration is seen as a bridge between the traditional Japanese market and the crypto world that drives a new flow and value into the crypto world.
Why is JPYW the “only child” of stablecoin?
With the strict submission and review mechanism of the “Funding Resolution Act” in Japan, only JPY-based Stablecoin can operate legally after obtaining approval, which also prevents other types of stablecoins from entering the Japanese crypto trading market. As the “only child” of the stackcoin that has been certified by the local government, JPYW began striving for compliance as early as before the “Funding Resolution Act” was issued. The team hired the largest law firm in Japan to form a strong and legal consulting team to plan compliance, apply in the preparation of regulations and actively participate in various inquiries from Finanstilsynet.
As for the depository method of collateral, the physical collateral of the USDT / USDC is mostly bills and cash from commercial banks, while the JPYW is a blockchain stackcoin fully secured by the YEN, and all collateral will be handed over to the authorities. Therefore, the mechanism of exchange and redemption is healthierd, the security of funds is stronger and the risk is lower.
JPYW will bring in full play of stablecoin and start by breaking three barriers: 1. Breaking the barrier between cryptocurrencies and real assets; 2. Breaking the barrier of cross-border transactions and exchanges; 3. To break the barrier between cryptocurrencies as mainstream assets in the digital society of the future and insufficient acceptance of reality.
To realize such a vision, PassPay must first expand its use of JPYW and enrich financial instruments and product solutions. Therefore, in terms of use cases, PassPay chose to partner with Mechaverse (a metaverse platform that also belongs to Japan) and similar crypto projects. Regarding the use of users, JPYW can be obtained through gift cards and purchases on its official website, which will be used after connecting to the Metamask wallet according to the official white paper. A large number of projects, including Mechaverse, are available on Metamask. IIt is easier to achieve operation and compatibility in the early stages of asset access.
PassPay will launch more financial products such as STO derivatives trading, physical NFT trading and gold tokenized trading soon in the future.
SOURCE Mechaverse
