Persol announced that it has invested in JPYC Co., Ltd., a cryptocurrency operator based in Tokyo.

The investment was made through Persol Venture Partners LLC.

Founded in 2019, JPYC Co., Ltd. develops and operates ‘JPYC’, a Japanese yen stablecoin, a type of cryptocurrency. This virtual currency designed to be linked to the prices of legal currencies and commodities. It is issued as a third-party prepaid payment instrument in accordance with the Payment Services Act. Currently, JPYC is issued on various public blockchains including Ethereum and Polygon.

The company is also involved in consulting on general blockchain issues such as issuance of ERC20 (technical standard for fungible tokens created using the Ethereum blockchain) prepaid payment instruments and NFTs.

Persol Group is considering new financial services such as stable coins and new working infrastructure that utilises blockchain technology.

JPYC Co., Ltd. is aiming to obtain a license for the funds transfer business, electronic payment method, etc. transaction business based on the revised Funds Settlement Act that came into effect in June 2023.