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Japanese trading house Mitsui launches gold-linked cryptocurrency



Japanese trading house Mitsui is reportedly preparing to launch a new cryptocurrency pegged to the price of gold in yen.


Japanese trading house Mitsui & Co. plans to issue a digital currency called ZipangCoin (ZPG) later this month. The currency will be linked to the price of gold and will be sold to retail investors through cryptocurrency exchanges.


The value of a single ZPG will be equivalent to one gram of gold backed by Sumitomo Mitsui Banking and available to retail investors.


The proposed ZPG stablecoin will initially be offered through the Mitsui crypto exchange before expanding to other trading platforms. ZPG has launched a crypto trading platform in partnership with Seven Bank Japan and registered the exchange with the Kanto Local Finance Bureau after approval by Japan's financial regulator.


The new gold-based digital currency aims to offer new ways to mitigate financial risk and hedge against inflation. In addition to new investment opportunities, Mitsui also plans that ZPG can be used for payments via smartphones in shops and supermarkets, as well as for paying bills.


Although Mitsui will launch Japan's first gold-linked token, it is not the first company to focus on developing a stablecoin. Back in November, a consortium of 70 Japanese companies including Mitsubishi UFJ, Mizuho Financial and Sumitomo Mitsui Financial announced the launch of a trial of a bank deposit-backed stablecoin called DCJPY.


The American tech giants are also starting to integrate cryptocurrencies into their payment services. In September last year, Twitter introduced Tip Jar, a feature that allows users to tip each other in cash and bitcoin. Paypal Holdings launched a service in the US in March that allows customers to pay for their daily expenses in Bitcoin and other cryptocurrencies.

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