The EOS Network Foundation (ENF) is pleased to share recent news from PassPay with the EOS community. Facilitated by EOS Labs, PassPay has announced a strategic alliance centered on leveraging the EOS blockchain for its innovative digital payments platform. This will involve the development of a number of critical financial services for the country of Japan. The most notable of these is the issuance of the stablecoin JPYW, the only stablecoin licensed for the Japanese Yen.
This alliance will help strengthen the EOS Network’s presence in Japan and comes at a time of growing adoption from that demographic. In August, the EOS token received regulatory approval by the Japan Virtual and Crypto Asset Exchange Association (JVCEA). Shortly after, exchanges in Japan began to list EOS, the most recent being a listing from Binance Japan.
In utilizing the EOS blockchain as part of the underlying infrastructure for JPYW, the EOS Network will be exposed to a large user base across Japan. EOS was an obvious choice when considering the speed, reliability and scalability that is required to meet the demands of a country-wide stablecoin. Growth in the Japanese markets is part of a much larger trend of adoption across East Asian markets.
Check out the full press release from PayPass below, to learn more about the exciting implications of this alliance. Those interested in getting in touch with EOS Labs for similar collaborations can do so at EOSLabs.io.
PassPay Co., Ltd., a frontrunner in digital payments (located in Minato-ku, Tokyo, CEO Yoshikatsu Kitano, hereinafter referred to as “our company”), along with blockchain technology innovators EOS Network Foundation and EOS Labs, officially announce a strategic alliance centered on blockchain technology. Through this alliance, PassPay and EOS will work together to optimize financial services using blockchain technology and develop new services. The joint research and development of both companies aim to further evolve the use of blockchain in the financial industry.
Key Points of the Alliance
- Integration of EOS Network with PassPayWallet: By integrating the EOS Network, known for its world-class performance and low gas fees, into PassPayWallet, we can enhance the convenience of wallet users.
- Innovation in Blockchain: Utilizing EOS’s advanced blockchain technology, we aim to improve the transparency and efficiency of PassPay’s payment systems.
- Token-Based New Services: By merging the knowledge of both companies, we will develop new financial services and tokens based on EOS blockchain technology.
- Enhanced Security: To increase transaction security, we will integrate the latest security features of EOS blockchain technology.
“PassPayWallet” has recently been making waves in the cryptocurrency industry with its innovative features and rapid growth. In just six months, it achieved over 1300 downloads and continues to grow at an astonishing rate of 200 downloads per month. This momentum is unstoppable, with plans to support more networks in the future. Moreover, PassPayWallet aims to introduce payment functions using stablecoins, allowing users to transact in a currency with more stable value. These innovative efforts demonstrate that PassPayWallet is not just a wallet app, but a pioneer shaping the future of cryptocurrency. The significance of PassPayWallet goes beyond these achievements, continually proving its value with each use.
Our company is also committed to the issuance of the stablecoin JPYW and the development of a wallet that can manage digital assets, including stablecoins, in a one-stop manner. We are working to expand the use cases for JPYW. This alliance will further accelerate our efforts and contribute to the realization of our mission.
Comment from Yves La Rose, Founder & CEO of the EOS Network Foundation
“Our collaboration with PassPay to introduce JPYW on the EOS blockchain fills us with great enthusiasm. This move is set to broaden the horizons of the EOS Network, offering fresh applications and bringing the transformative capabilities of blockchain technology to a wider audience in Japan. Working together with PassPay, we’re poised to propel the integration of blockchain into the fintech sector and establish pioneering benchmarks for the industry.”
Comment from Yoshikatsu Kitano, CEO of PassPay Co., Ltd.
“Our new partnership with EOS represents a significant step in maximizing the potential of blockchain, and we are confident that PassPay is entering a new stage in digital payments. We look forward to providing our customers with even more secure and efficient services.”
About EOS Network Foundation
EOS Network Foundation is a leading organization supporting and promoting the blockchain technology and ecosystem of EOS. Established to ensure the technological innovation and sustainable development of EOS, the foundation’s core activities include developer education, community support, funding research, and strengthening the technological foundation of EOS. Its efforts are aimed at maximizing the potential of blockchain and building a sustainable digital future, delivering true value to technicians, businesses, and end-users.
EOS Labs Official Website
About PassPay Co., Ltd.
PassPay Co., Ltd. is dedicated to overcoming the “three walls” that hinder the use of cryptocurrencies in everyday life. The “three walls” refer to the challenges in using cryptocurrencies for real-world transactions due to significant price volatility, the underutilization of the borderless nature of cryptocurrencies, and the transitional period of increasing digitalization and cashless transactions.
As a solution to these challenges, our company has issued the Japanese Yen stablecoin “JPYW”. In addition to stablecoins like JPYW, we have developed the “PassPay Wallet”, a mobile wallet for managing various cryptocurrencies and NFTs on the blockchain, and are advancing the development of our ecosystem. Our future endeavors will focus on expanding the use cases for JPYW and developing applications to bridge people and digital life.
PassPay Official Website