JPYC

About JPYC

JPYC Inc., founded in November 2019 by serial entrepreneur Noritaka Okabe, operates as a key player in Japan's financial technology sector. Okabe, who studied economics at Hitotsubashi University, has a background in entrepreneurship dating back to 2001 when he started a company for trading in-game currency. His experience with high transaction fees fueled his mission to create a more efficient payment infrastructure.

The company launched its primary product, JPYC (JPY Coin), in January 2021. JPYC is a stablecoin pegged 1:1 to the Japanese Yen and operates as an ERC20 token on public blockchains like Ethereum. Initially structured as a prepaid payment instrument under Japan's Fund Settlement Law, this classification allows it to navigate the country's regulatory landscape while being fully backed by Yen reserves. The firm has obtained licenses as a second-hand dealer and market owner, and in March 2022, it registered as a third-party prepaid payment instrument with Japan's Financial Services Agency (FSA).

JPYC's business model centers on facilitating seamless digital payments with zero transaction fees for users. Revenue is generated through returns on the reserve assets that back the stablecoin and from fees for exchanging JPYC with other stablecoins. The company primarily serves individuals and businesses looking for a stable digital currency for online transactions, digital content purchases, and in-store payments. Its JPYC Pay service allows merchants to accept the stablecoin without needing blockchain development or wallet management, receiving settlements in Japanese Yen via bank transfer.

The company has secured significant funding, raising a total of $6.53 million over three rounds, including a notable Series A round of $4.4 million in November 2021. Key investors include Headline, Circle Ventures (the issuer of USDC), and Nippon Technology Venture Partners. These funds are allocated towards strengthening internal systems and enhancing service operations. JPYC has expanded its utility through partnerships, enabling integrations with Visa prepaid cards and hometown tax payment platforms, and is exploring further applications in the Real-World Asset (RWA) field through collaborations with firms like Korea's ITCEN.