Bitcoin SV is truly a global blockchain, with developers from around the world already building on BSV, as well as a growing number of merchants. Yen Point is just one example of this in practice, developed to help businesses in Japan interact with the Bitcoin blockchain.
The startup was among those invited to pitch at the inaugural Pitch Day event, hosted by the Bitcoin Association at October’s CoinGeek Conference in Seoul. Representatives from BSV startups were invited to pitch their businesses at the event, ranging from those at the idea stage to live apps.
Yen Point was pitched by founder Ken Sato, who spoke about the challenges faced by businesses in Japan when it comes to blockchain and crypto, as well as the difficulties facing overseas businesses looking to transact in yen.
At its most basic level, Yen Point aims to provide the second layer of Bitcoin for Japanese commerce, giving access to yen transactions on the BSV blockchain. It essentially tokenizes yen on top of BSV, giving access to the benefits of blockchain with the pedigree of fiat.
Sato explained that it is currently difficult and costly to send small amounts of yen, with transaction fees often prohibitively expensive for small transactions. Yen Point allows for transactions to be sent on the bitcoin blockchain, slashing the cost as well as speeding up the execution time, with no conversion risk.
Yen Point also aims to encourage businesses in Japan that are not yet using crypto or blockchain tech to get on board with BSV. By providing an easy on-ramp with its yen token, Sato said the firm was educating businesses about the cost savings and efficiency gains of using and accepting bitcoin, as well as the benefits of sending yen or paying bills on BSV.
The concept was well received in the room, with Sato setting out a clear case for how Yen Point is using BSV to benefit those doing business in Japan. Still an emerging market for BSV, their mission to spread the word in Japan will only encourage more developers and merchants to back Bitcoin.
Applications for the second Pitch Day in London are now open. Successful applicants will be invited to attend the CoinGeek London Conference in February 2020 for the chance to pitch to investors and industry insiders, following in the footsteps of Yen Point and the others that pitched back in October.
Do you have a Bitcoin idea? Is it ready for the next step? We’re looking to invest in Bitcoin companies to bring them to the next level. Check out the Bitcoin Ventures series to learn more about the importance of demo days, how to properly value your startup, as well as get some tips on how to pitch your project, secure financing, and finding the right investor for your startup.
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