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Table Of Contents
A product of GMO-Z.com, the digital JPY is a stablecoin known as ‘GYEN’. GYEN are built atop the Ethereum network and structured as ERC-20 tokens.
GYEN are claimed to maintain full backing through various reserve assets, with GMO-Z.com stating these tokens, ‘…will only be issued wen the corresponding collateralized fiat is placed in custody with a third-party trustee’.
Stablecoins underpin the entire digital asset market, providing a variety of benefits to holders. GMO-Z.com notes the following as what it believes are the top use-cases for GYEN.
- volatility hedging
- financial inclusion
Beyond providing investors with the aforementioned use cases, GMO-Z.com notes that GYEN offers holders the following perks.
- transparency (monthly independent audits)
- liquidity (always redeemable for JPY)
- peer-2-peer (no middleman raising trust issues)
With all the described use-cases and perks, GMO-Z.com believes that its, ‘digital assets will bridge the technology, trust and efficiency benefits of the blockchain with the trustworthiness and stability of traditional currencies’.
GMO-Z.com notes that in order for it to offer access to GYEN, it maintains a ‘Limited Purpose Trust charter’ by the New York State Department of Financial Services (NYDFS).
To learn more visit our Investing in GYEN guide.
We list the top exchanges that offer the ability to buy Digital JPY (GYEN) cryptocurrency with a credit card, debit card, or Bitcoin (BTC).
Based out of Japan, Liquid is a popular exchange for trading digital assets such as Digital JPY (GYEN). With support for over 100 assets and high volumes, Liquid is solid option for traders.
Liquid is available on both desktop and mobile, and offers features such as,
- Up to 25x leverage
- 24/7 support
- Flexible FIAT gateways
Liquid notes that its mission is to, ‘…build a secure and progressive cryptocurrency ecosystem that suits all market participants’.
Since its founding in 2014, Liquid has gone on to establish a global presence, maintaining offices from Asia to North America.
Uniswap is a decentralized exchange (DEX) for swapping tokens, which uses an automated market maker (AMM) model that allows users to trade against a liquidity pool. While this is obviously a good option to purchase Digital JPY (GYEN), we only recommend this platform for advanced users. Due to the fact that this is exchange is decentralized, you are liable for any losses due to errors made.
Learning to use decentralized exchanges is not for the faint of heart. We recommend coinbase.com instead.
Daniel is a big proponent of how blockchain will eventually disrupt big finance. He breathes technology and lives to try new gadgets.
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