According to local Japan cryptocurrency news sources, the biggest railway company in Japan is considering a cryptocurrency payment system that would be integrated into its payment cards. With the help of this integration, Japan people could pay cryptocurrency for train rides.
East Japan Railway Company (JR East) adjudged to be the biggest in Japan, could integrate cryptocurrency payments to its popular Suica payment card through a partnership with newly launched cryptocurrency exchange Decurret.
Suica payment card is a popular payment card which allows Japan residents to purchase train rides offered by JR East. Beyond that, the Japan residents can use the card to pay for transport fares for buses and subway. In addition, an e-money feature of the card allows Japan users to buy items like newspapers at the station kiosk, soft drinks and coffee from vending machines and on the train. According to the Suica website, the aim of the card is to provide for a more pleasant trip when traveling in Japan.
70 Million Suica Card for Bitcoin and other Cryptocurrency payments
According to data released by the rail transport giant, at least 70 million Suica cards were issued as at March 2018. This means that as much as 70 million people could be using cryptocurrency payments when it is integrated into Suica.
Suica Card Partners with DeCurret Japan Cryptocurrency Exchange
Last week Japan cryptocurrency exchange Decurret launched a new payment system during a business presentation in Tokyo. During the presentation, the president and representative director of the exchange Kazuhiro Tokita suggested that the new payment system would be integrated with the Suica card. This integration will allow users top up their Suica cards with cryptocurrencies like bitcoin [BTC] and ethereum [ETH].
According to cryptocurrency news outlet CoinTelegraph Japan, the DeCurret boss did not give any timeline for implementing cryptocurrency payment on Suica. The report noted that the Japan rail transport giant is still considering the payment option and there are no concrete plans for a rollout yet.
DeCurret exchange which is allowed by the Japanese Financial Services Agency (FSA) to operate in the country will start cryptocurrency trading by mid-April. Cryptocurrencies including Bitcoin (BTC), Bitcoin Cash (BCH), Litecoin (LTC) and Ripple (XRP) will be supported at launch along with Yen trading pairs.
Japan Cryptocurrency Trading Platform Liquid Hits $1 Billion Valuation
Another great new for Japan cryptocurrency world in Cointelegraph; Japanese crypto trading platform Liquid has hit unicorn status with the first close of an ongoing Series C funding that puts the company valuation at over $1 billion. The news was reported by Cointelegraph Japan on April 3.
Liquid’s parent company is Quoine, a global fintech company licensed by Japan’s Financial Services Agency.
As Cointelegraph Japan reports, the fresh funding and new valuation makes Liquid the country’s second unicorn in the tech startup space — the other being artificial intelligence firm Preferred Networks, which is backed by Toyota, Fanuc, Hitachi and others.
Liquid had previously raised over $20 million from venture funding, which included major Japanese investment firms JAFCO, SBI, B Dash Ventures, Mistletoe and ULS Group.
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Carolyn Coley is a blockchain reporter. She joined Smartereum after graduating from UC Berkeley in 2018.