Analysis of 12 Crypto Startups in Japan to Watch in 2024
Japan’s Thriving Blockchain Sector
Japan has established itself as a leader in the cryptocurrency, web3, and blockchain sectors, perfectly balancing regulations with innovation. Since recognizing Bitcoin as a legal form of payment in 2017, the country has consistently refined its approach to digital assets, allowing the crypto sector to thrive. As of now, Japan’s adoption of cryptocurrency is expected to remain the highest in the world, with the number of daily crypto traders expected to reach 500,000 by the end of 2024.
Alternative Blockchain Investment Types
With the rise of alternative blockchain investment types such as web3 products, NFTs, and meme coins, Japanese investors can be more selective when deciding what to invest in. This shift in focus has opened the door for many new and exciting crypto startup projects. For instance, SushiSwap, a decentralized cryptocurrency exchange launched in 2020, operates on multiple blockchains, offering decentralized trading, automated market-making, and yield farming.
Notable Startups in Japan
- PassPay K.K.: A blockchain startup based in Japan that has created a payment platform known as “JPYW,” a stablecoin tied to the Japanese Yen aimed at resolving financial issues experienced by foreign residents in Japan.
- BitFlyer: One of Japan’s largest cryptocurrency exchanges, with 2.5 million users and a platform for buying, selling, and trading cryptocurrencies.
- Emurgo: A founding entity of the Cardano blockchain, providing products and services to support blockchain technology implementation, with partnerships with tech giants like Huawei Cloud.
- Vauldex: A company that focuses on web development and custom software solutions, with proficiency in managing projects and achieving favorable results.
- Curvegrid Inc.: A software company based in Tokyo that offers a middleware for technology to streamline and speed up development across various blockchain platforms.
- Consensus Base Inc.: A blockchain technology company based in Tokyo, Japan, providing consulting, system development, and educational services related to blockchain and distributed ledger technologies.
- Apas Port: A web3 creative production company established in April 2023 through a decentralized autonomous organization (DAO), focusing on “kando,” which translates to emotional impact.
- Double jump.tokyo: A leading web3 gaming company that specializes in blockchain game development, NFT solutions, and web3 technologies.
- Soramitsu: A Japanese blockchain company known for its work on digital currencies and payment systems, with partnerships including Mitsubishi UFJ Trust and Banking.
Regulatory Support
The success of these twelve startups can be attributed to the Japanese government’s support of the crypto industry. The country has established clear regulations for cryptocurrencies earlier than many other countries, which has provided a stable environment for entrepreneurs and investors. The government recently announced a five-year policy for startup development, which aims to boost Japan’s startups, particularly in areas like web3 gaming, decentralized finance, and blockchain development.
Future Prospects
As the crypto industry continues to grow, Japan’s regulatory support and innovative startups are poised to drive the adoption of blockchain technology and web3 solutions. With the number of daily crypto traders expected to reach 500,000 by the end of 2024, Japan is expected to maintain its position as a leader in the cryptocurrency space.
Predictions for 2024
- Increased Adoption of Blockchain Technology: Japan’s regulatory support and innovative startups will drive the adoption of blockchain technology and web3 solutions, with a focus on web3 gaming, decentralized finance, and blockchain development.
- Rise of Alternative Blockchain Investment Types: The shift in focus towards alternative blockchain investment types such as web3 products, NFTs, and meme coins will continue, offering Japanese investors more selective options for investment.
- Growth of Crypto Startups: Japan’s regulatory support and innovative startups will drive the growth of crypto startups, with a focus on areas like web3 gaming, decentralized finance, and blockchain development.
- Increased Regulatory Support: The Japanese government will continue to provide regulatory support for the crypto industry, with a focus on boosting startups and driving innovation.
Key Takeaways
- Japan’s regulatory support and innovative startups are poised to drive the adoption of blockchain technology and web3 solutions.
- The shift in focus towards alternative blockchain investment types such as web3 products, NFTs, and meme coins will continue.
- Japan’s crypto startups will drive the growth of the industry, with a focus on areas like web3 gaming, decentralized finance, and blockchain development.
- The Japanese government will continue to provide regulatory support for the crypto industry, with a focus on boosting startups and driving innovation.
