Nick Chong · 1 week ago · 2 min read · Insights via Grayscale Investments
Tokyo limousines to start accepting crytpocurrencies https://t.co/4tsGWPoicl
— Bloomberg Crypto (@crypto) November 5, 2018
Expanding Into the Ride Business
Payment company Remixpoint Inc., which also has its hands in the energy management and automotive industries, will partner with Japanese limousine company Hinomaru Limousine Co. for a small trial run of cryptocurrency payments for limo services.
The trial will start this month and will cover limo rides between Tokyo’s Haneda or Narita airports and the city’s 23 wards to begin with. An official announcement of the trial is reportedly coming on Nov 6. and cryptos accepted include Bitcoin, Bitcoin Cash, and Ethereum.
BITpoint’s Retail Crypto Presence
Remixpoint also owns Japanese crypto exchange BITpoint, which has partnered with other companies in the past to try and move crypto payments into the mainstream retail sector. The exchange has offered crypto payments for airline tickets and partnered with retailers to get cryptocurrency payments into Japanese stores last year.
BITpoint is one of 16 major exchanges in Japan now under the jurisdiction of the Japanese Virtual Currency Exchange Association (JVCEA) thanks to a recent ruling by the Japanese government.
Hinomaru Limo’s fleet of vehicles consists of 362 limousines and 161 taxis, and the company could expand the crypto payment service to include its taxis if the limo service trial run is a success, according to Bloomberg’s unnamed sources.
After a number of high-profile attacks on exchanges resulting in millions lost, crypto companies are still trying to make inroads in Japan. The recent decision by Japan Financial Services Agency to let the JVCEA police the market has led to stricter rules and a trend toward more stringent enforcement, and a stablecoin backed by the Yen was announced last month as part of the stablecoin boom. Bitcoin payments, in particular, have climbed since Japanese retailers began accepting BTC in 2017.