The IOTA Foundation has been chosen to participate in an accelerator program run by the Tokyo Metropolitan Government (TMG) — a move it hopes will give the project a foothold in the potentially lucrative Japanese market.
Tokyo City Government’s Blockchain Business Camp
TMG is launching an initiative called “Blockchain Business Camp Tokyo”, which aims specifically to leverage the latest advances in blockchain technology in the financial and non financial sectors and position the metropolis of 13.6 million people as a global financial center.
IOTA is building an encrypted, decentralized version of the internet that will incorporate sensors and connected devices in the “Internet of Things” (IoT). Co-founder Dominik Schiener announced its inclusion in the accelerator on IOTA’s official blog, saying it would put IOTA in direct contact with Japanese companies and help establish a permanent office there.
Team members will also meet local developers and organize meetups to help spread the word, he wrote.
The program will run for two months starting January 2018, with a series of special events along the way.
Joining IOTA in the accelerator are seven other startups from outside Japan, including Hong Kong exchange Gatecoin, Factom Inc., Lykke and Tempo France. Japanese participants include some of the country’s best-known corporations, who will act as mentors. They include names like Honda, Nomura, SBI Holdings, Mitsubishi UFJ Financial Group, Toyota, and Seven & i Holdings.
IOTA Would Like Some of That Sweet JPY
Increased name recognition for IOTA and its native token in the Japanese market could pay off, if the country’s hordes of crypto day traders decide they like it.
Though its price crashed over 30 percent this week as part of a wider crypto-asset bloodbath, IOTA has been getting attention for its rapid growth lately. Its token price had previously rocketed from around $1.49 USD to a high of $5.34 in just a few days in the first week of December 2017. It’s currently $3.74.
Can IOTA be big in Japan? Tell us what you think in the comments.
Images via Tokyo Metropolitan Government, Wikimedia Commons