Japanese Trading House Mitsui to Launch Gold-Linked Cryptocurrency: Report

ZPG coin will also be used for digital payments, Nikkei Asia reported.

AccessTimeIconFeb 4, 2022 at 11:16 a.m. UTC
Updated May 11, 2023 at 5:58 p.m. UTC

Japanese trading house Mitsui & Co. plans to introduce a cryptocurrency linked to the price of gold as early as this month, Nikkei Asia reported on Friday.

  • The token, dubbed ZipangCoin (ZPG), will be sold to retail investors and will be linked to the price of gold in yen, procured by Mitsui from the London Metal Exchange, according to the report. The price of one ZPG will equal the value of one gram of gold and will be guaranteed by Sumitomo Mitsui Banking Corp., Nikkei wrote.
  • ZPG is likely to be Japan's first gold-linked token, but not the first such token in the world. Being pegged to the price of gold, ZPG is likely to be a relatively stable crypto.
  • ZPG will initially be sold through Mitsui's own exchange. The exchange, which has been set up along with Seven Bank and others, is registered with the Kanto Local Finance Bureau and is licensed by Japan's Financial Services Agency (FSA), Nikkei Asia reported. Kanto is the region encompassing the Greater Tokyo Area.
  • Mitsui plans to also use ZPG as a payments tool, used at the trading house's affiliated retailers through a smartphone app and other digital payment systems, according to the report.
  • FSA-registered exchanges that want to trade ZPG will have to undergo user identity verification, the report said.
  • The coin will run on a private blockchain, unlike those that cryptocurrencies like bitcoin and ether are based on, according to the Nikkei Asia report. Private, also called permissioned, blockchains control who participates in the network.
  • Sumitomo Mitsui Banking is also part of a consortium of more than 70 Japanese banks and industry leaders that are working to issue a bank deposit-backed digital yen.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Eliza Gkritsi

Eliza Gkritsi was CoinDesk's AI/crypto reporter.

Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.