Today the Nikkei reported that Japanese conglomerate Mitsui plans to issue digital assets backed by physical gold and sell them to consumers. The company has set up a cryptocurrency (or virtual currency) exchange joint venture with Seven Bank and others.
The physical commodity will be acquired via the London Metal Exchange and tokenized as ZipangCoins (ZPG), which can also be used for mobile payments. One of Mitsui’s subsidiaries is Mitsui & Co Commodities, based in London.
Mitsui is already active in the digital asset arena but with a more institutional-focused initiative. In November 2021, its subsidiary Mitsui & Co Digital Asset Management (MDM) issued a real estate security token backed by a warehouse. The token was issued on MUFG’s Progmat blockchain and marketed through SBI Securities. MDM is a joint venture with LayerX and others.
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