Enjin Coin (ENJ) token recently received regulatory approval from Japan’s regulatory body, has surged by 71% in the market. The coin made history after becoming the first gaming cryptocurrency to be whitelisted for use in the country.
The token will be listed on Japan’s Coincheck exchange on January 26, which means that users can invest in Enjin coin using the Japanese Yen when the token goes live on the exchange.
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The sudden rise of the cryptocurrency is most likely a result of the coin’s approval by the Japanese regulatory body to operate as a cryptocurrency. Now, the ENJ has surged to a 3-year high of $0.406356 from its previous value of $0.236340 last month.
When the Enjin coin becomes listed on the Coincheck exchange, it will become the 15 listed coins on the exchange and the first gaming token to achieve that feat.
Coincheck now has 15 listed tokens on its platform
Japan hosts some of the world’s biggest gaming companies with lots of very popular games. Final Fantasy, Pokémon, and Super Mario are some of the pioneering games that have come out of the gaming industries in the country.
Chief executive officer of Enjin Maxim Blagov commented on the development, saying there is a big potential for Enjin to make the gaming industry more robust. The token will also ensure more efficiency and a better-streamlined process. He added,
We believe some of the world’s best blockchain games will come from the Japanese gaming industry.
Coincheck exchange is fully licensed and regulated by Japan’s Financial Services Agency (FSA). ENJ’s parent company Enjin first entered the Japanese market in 2019 when it partnered with Tokyo-based blockchain accelerator HashPort. Both firms started pushing for EJN’s approval, which was given last month.
Buoyed by the recent positive news surrounding EJN, it has performed very well in the market by gaining 71% from last week, and 27% within the past 24 hours.