12 cryptocurrency startups in Japan you'll meet in 2024

Japan's thriving blockchain sector displays balanced inventiveness and regulation, fostering the growth of startups like PassPay and Emurgo while driving global adoption.

Japan has established itself as a leader in the cryptocurrency, web3 and blockchain sectors, perfectly balancing regulations with innovation. Since recognizing bitcoin as a legal form of payment in 2017, the country has steadily refined its approach to digital assets, allowing the crypto sector to thrive.

Japan's cryptocurrency adoption is expected to remain the highest in the world, with the number of daily cryptocurrency traders expected to reach 500,000 by the end of 2024. This aligns with Japanese cryptocurrency enthusiasts showing a strong preference for established large-cap currencies such as ethereum and bitcoin.

However, cryptography expert Yamada states in this Business Community 2 report that there are a host of alternative blockchain investment types that could replace ethereum and bitcoin as the “next big thing.” These alternatives include web3 products, nfts, and meme coins. This ensures that Japanese investors can be more selective when deciding what to invest in. It also opens the door to many new and exciting crypto startup projects.

sushi exchangeFor example, it is a decentralized cryptocurrency exchange launched in 2020. It operates on multiple blockchains and offers decentralized trading, automated market making, and yield farming. The platform uses a native token, SUSHI, for governance and rewards. SushiSwap's relevance aligns with the country's interest in blockchain technology and decentralized finance. The platform's approach towards decentralized trading and governance could potentially influence future DeFi developments in Japan.

PassPay KKA Japan-based blockchain startup was created to address the challenges that arise in the daily use of cryptocurrencies. The company has created a payment platform known as “JPYW”, which is a stablecoin pegged to the Japanese yen that aims to solve the financial problems experienced by foreign residents in Japan. PassPay's main offering is PassPay Wallet, a mobile application that allows users to manage “JPYW” as well as various cryptocurrencies and nfts across different blockchain networks. The company has established partnerships with EOS Network and RigSec to strengthen its blockchain infrastructure and security solutions strategy. PassPay's goal is to connect finance with digital assets by expanding the use cases of the JPY stablecoin and creating applications, for a more integrated digital experience.

Nut Financealso known as Thetanuts Financeis a decentralized platform for altcoin options trading. The platform offers unique performance opportunities through multiple channels. Users can earn from options premiums by selling out-of-money cash-settled European options and lending interest by depositing tokens on the platform's lending market. Thetanuts Finance operates using core vaults, core vault LP tokens, and an AMM to create a comprehensive option for trading. The platform's native NUTS token serves as a governance token, allowing its holders to participate in decision-making processes. By staking NUTS to receive veNUTS, users can participate in a “gauge vote,” contributing to the platform's long-term decentralization goals.

bitFlyerFounded in 2014, it is one of the largest cryptocurrency exchanges in Japan. With 2.5 million usersoffers a platform to buy, sell and exchange cryptocurrencies. bitFlyer has since expanded internationally to the United States and Europe, processing a large portion of bitcoin transactions in Japan. bitFlyer has its own blockchain technology called Miyabi and introduced features such as cryptocurrency payments at retailers and blockchain-based voting. bitFlyer's diverse offering and market presence make this crypto startup a key player in Japan's crypto sector.

Synod is a software development company that has a strong focus on blockchain implementation. With more than 300 employees, the company offers a wide range of services including custom web and mobile application development, low-code development, and data analytics. Synodus partners with leading companies from various industries to create successful software solutions. His experience spans multiple technologies, including blockchain, artificial intelligence (ai), and IoT development. Synodus' mission is to shape the digital future by working with market leaders and visionaries, hoping to position itself as a key player in Asian technology sectors.

As the founding entity of the Cardano blockchain, Emurgo plays a crucial role in driving adoption of Cardano's web3 ecosystem. The company offers products and services to support the implementation of blockchain technology. Emurgo has established key partnerships with several technology giants such as Huawei Cloud, launching innovative products such as the Anzens USDA stablecoin. Emurgo has seen the company make strategic investments in several countries, including Africa and the Middle East. The company's diverse technology stack and focus on web3 adoption position it as a major player in Japan's blockchain ecosystem.

Vauldex is a company that focuses on web development and custom software solutions with offices in Fukuoka, Japan and Cebu City, Philippines. This small startup specializes in web development and provides services to clients in the financial sector, such as cryptocurrency exchanges and insurance companies. Their team consists of between 50 and 249 members who excel in platform design, user interface planning, and ensuring security measures are implemented effectively. With its proficiency in project management and achieving favorable results, Vauldex stands out as a key player in Japan's blockchain industry.

Curvagrid Inc.. is a Tokyo-based software company that was founded in 2017 by Jeff Wentworth and William Metcalfe, both University of Waterloo alumni. Its main product, called MultiBaas, acts as a technology middleware to streamline and accelerate development on various blockchain platforms. In addition to MultiBaas, Curvegrid also developed NFTeapot, an app on Shopify dedicated to nft sales. The company adopts a combination of Western business practices and has a team of only 11 employees. Curvedgrid is recognized for providing international co-op opportunities to students at the University of Waterloo and has been honored with the Impact Award in International Excellence. Its goal is to empower students by providing them with experiences such as contributing to real-world projects and interacting directly with customers. Curvegrid's earnings are estimated to be around $10 million.

Consensus Base Inc. is a blockchain technology company based in Tokyo, Japan. Led by CEO Hiroshi Shimo, the company provides consulting, system development, and educational services related to blockchain and distributed ledger technologies. Consensus Base has worked with large corporations, including SoftBank Corp., and has experience addressing real-world business challenges through blockchain applications. The company's expertise spans various aspects of blockchain technology, positioning it as a valuable resource for businesses looking to take advantage of distributed ledger solutions in Japan.

Port of Apas is a web3 creative production company established in April 2023 through a decentralized autonomous organization (DAO). The company focuses on “kando,” which translates to emotional impact. The company hopes to provide an emotional impact to the world through its web3 business initiatives. The company's goal is to expand blockchain technology into everyday life through various services including web3 strategy development, IP localization, influencer selection, and market analysis. Apas Port has partnered with Animoca Brands Japan and Cryptoys to introduce a new digital toy platform for Japanese collectors.

Double jump.tokyo is a leading web3 gaming company specializing in the development of blockchain games, nft solutions and web3 technologies. The company's key focus is the development of blockchain games, nft projects, and building blockchain infrastructure. The company gained recognition with games like My crypto Hero, which has since become the largest blockchain game in the world. In August 2024, the company raised $10 million in a Series D funding round led by SBI Investment. Double jump.tokyo's goal is to facilitate the widespread adoption of nfts and blockchain technologies in the gaming sector globally.

soramatsu is a Japanese blockchain company known for its work in digital currencies and payment systems. Founded in 2016, the company has gained prominence through its collaboration with central banks and financial institutions. Soramitsu played a key role in the development of Cambodia's Bakong digital payment system and is involved in similar projects across Southeast Asia. The company is now working on a cross-border payments platform that leverages stablecoins and CBDCs, with the goal of improving international remittances. With partnerships including Mitsubishi UFJ Trust and Banking, Soramitsu positions itself as a leader in blockchain-based financial solutions.

Final thoughts

The success of these twelve startups can be attributed to the Japanese government's support for the crypto industry. The country has established clear regulations for cryptocurrencies earlier than many other countries, which has provided a stable environment for entrepreneurs and investors. The government recently announced a five-year policy for startup development, which aims to boost Japan's startups, particularly in areas such as web3 gaming, decentralized finance, and blockchain development. Japan plans to introduce a regulatory framework that allows startups to raise funds through crypto assets, reflecting the government's continued support for crypto companies.