Bitcoin Industry Grows In Japan - Essay Example

The increased number of locally developed professional Bitcoin services that are constantly launching in Japan these days is a clear sign of growing acceptance for the crypto currency in the country.

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A more recent service of this kind is Coincheck, a multi-service Bitcoin platform. This service offers a wallet, exchange and merchant payment system to the users.

They are hoping to launch brand new feature called ‘Coincheck for EC’ on September 14. This feature is basically aimed towards the e-commerce industry.

One of the lead engineers at Coincheck, Takuro Mizobe, informed in a statement that the company had negotiations with a few online merchants who contacted them while seeking the marketing edge they would probably gain by simply accepting Bitcoin.

Mizobe indicated that the number of people using bitcoins is not really increasing much in Japan. He explained that this was because locals have very little knowledge about the virtual currency.

Coincheck offers their all-in-one service to eliminate this problem. The system is accessible and user-friendly. The lead engineer thinks that having all the Bitcoin ecosystem services in house acts as a major advantage against competitors

Mizobe added that Japan’s enormous content industry including manga, games and anime, offers great opportunities to Bitcoin, particularly for micropayments.

It was disclosed in a report published by Japan’s Ministry of Economy that the industry was worth a whopping ?12 trillion back in 2012.

Coincheck’s e-commerce platform incorporates a very simple and easy-to-navigate design. It is such that merchants can directly integrate it into their sites.

Just like other merchant services, this service will instantly convert Bitcoin into Japanese currency to assuage people’s regarding about volatility.

Coincheck is reducing some of its usage fees as a promotional introductory offer.

Coincheck opened up about a month ago and has 5 staffs in the team. The platform has already gained coverage in Japan’s technology media. DeNa, the largest local social gaming company, has also given funding through its Incubate Fund.

The fund was launched in 2010 and shows interest in other Bitcoin companies too.

Taruko Mizobe translates support from such big companies like DeNA as an encouraging sign for the crypto currency industry in Japan.

He informed that obtaining banking services was not an obstacle. Members of Japan’s ruling Liberal Democratic Party have made positive statements on the virtual currency. This has made the setting up process much smoother than expected.

Pasmo, Suica and Edy are very commonly used e-cash networks in Japan. Today managed by Rakuten, these networks have allowed locals to used sophisticated NFC-based e-cash for more than a decade.

Bitcoin might still be a great success among Japanese people. The locals are always willing to try out innovative technology. Their curiosity might lead to the success of Bitcoin in the region.

Mizobe explained there was suspicion about the crypto currency because of Mt Gox being headquartered in Tokyo. ‘Enten’ was another less popular scandal in 2009.

Mizobe concluded saying that there are minimal risks associated with the system now and that they are hopeful about Bitcoin’s success in Japan.