Japan's public blockchain IEO sees total application amount exceed 9 billion yen, significantly surpassing planned sales target
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Japan's public blockchain IEO sees total application amount exceed 9 billion yen, significantly surpassing planned sales target
The total application amount for this IEO exceeded 9 billion Japanese yen, far surpassing the planned sales target of 1.2 billion yen, and all tokens were successfully sold out.
Navigating Web3 tides with focused insightsAuthor: Japan Blockchain Foundation
Translation: TechFlow
The Japan Open Chain (JOC) Consortium, operated by Japan Blockchain Foundation Inc. (CEO: Hidekazu Kondo, hereinafter referred to as "the Company"), announces the successful conclusion of the Initial Exchange Offering (IEO) for the "Japan Open Chain Token (JOC)", led by BitTrade Inc. (CEO: Lei Xiang, hereinafter referred to as "BitTrade"). The total application amount for this IEO exceeded 9 billion JPY, significantly surpassing the originally planned sales target of 1.2 billion JPY, with all tokens successfully sold out.
The IEO was initially designed to raise a total of 1.2 billion JPY, consisting of an early-bird priority sale (540 million JPY) and a general lottery-based sale (720 million JPY). However, actual applications far exceeded expectations, accumulating over 9 billion JPY in total. Even after excluding incomplete payments and canceled orders, the final confirmed application volume remained substantially above the target. Ultimately, all 1.2 billion JPY worth of tokens were fully sold out by the end of the IEO.
The general lottery-based sale concluded on Tuesday, December 17, 2024, at 11:00 PM. Lottery results will begin to be announced starting December 18, with participants being notified gradually. The "Japan Open Chain Token (JOC)" is scheduled to officially launch trading on Monday, December 23, 2024, at 12:00 PM, and will be listed on BitTrade and multiple global exchanges.
Schedules are subject to change.
About the JOC Token (also known as "JOC Coin")
The JOC Token (Japan Open Chain Token) is a cryptocurrency used to pay transaction fees on the Japan Open Chain. The Japan Open Chain is a blockchain project compliant with Japanese regulations, operated by trusted entities, aiming to make Web3 technology more accessible to the public through high-speed, low-cost blockchain services. The project seeks to address global social challenges by offering near-instant transfers with fees under 1 JPY and enhancing asset liquidity via NFTs.
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Official Website: https://www.japanopenchain.org
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Whitepaper: https://static.bittrade.co.jp/pdf/whitepaper.pdf
To ensure market liquidity following the IEO, JOC tokens are planned to be simultaneously listed on multiple global exchanges (on the same day or within close proximity), marking a first for Japan. Starting December 23, 2024, JOC tokens will be available not only to Japanese investors but also to users worldwide.
"Japan Open Chain" — A Blockchain Originating from Japan
The Japan Open Chain is an Ethereum-compatible Layer 1 public blockchain jointly operated by multiple Japanese companies. Collaborating with industry-leading enterprises and Web3 innovators, the project aims to provide secure, efficient, and cost-effective blockchain infrastructure for users globally. By advancing bank-led stablecoin initiatives and digitizing assets such as NFTs, Japan Open Chain is actively building next-generation financial infrastructure and driving transformation in global digital finance.
Currently, the blockchain is operated by 14 validators (blockchain operating partners), including CORGEAR Co., Ltd. (a startup under Sony Group), Dentsu Inc., NTT Communications (NTT Group), G.U. Technologies, Inc., insprout Corporation, Kudasai Co., Ltd., Minna Bank, Ltd., pixiv Inc., TIS Inc., extra mile Inc. (affiliated with TV Asahi Group), Kyoto University of the Arts, Hatena Co., Ltd., CAC Corporation, and CYBERLINKS CO., LTD. The network is managed in a decentralized manner and plans to expand to 21 validators in the future to further enhance network stability and security.
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