Major Japanese shipping line to launch its own cryptocurrency

November 23, 2018
Chris Wheal

Nippon Yusen, one of the largest and oldest Japanese shipping companies, established over 130 years ago, is taking a quite innovative approach with not only bringing the crypto on board, but actually developing one of their own.

cryptocurrency launch

The company did not release an official announcement as of yet, however, the sources close to the matter said that the system is now nearing the finishing point. There have been talks with the major banks to ensure the proper conversion of the cryptocurrency to local currencies of choice. The Nippon Yusen’s coin will be reportedly tied to U.S. dollar to ensure stability in value.

A couple of successful tests of the technology have been already accomplished, and now Nippon Yusen is in the process of patenting it. The public launch of the new system is expected in early 2019, aimed to simplify the process of managing, sending and converting money for salary payments to crew members and executives of the company. If launched and tested successfully, there will be more similar developments of own cryptocurrencies by other major corporations worldwide, which might actually become a turning point for crypto to become mainstream, experts say.

Post written by Chris Wheal
Chris Wheal is editor of OpenLedger's news and features service. An award-wining business journalists himself, he runs a team of freelance journalists from across the UK and north America.

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