TOKYO–(BUSINESS WIRE)–#IEO–Brilliantcrypto, Inc. (HQ: Minato City Tokyo, CEO: Naruatsu Baba, henceforth “Brilliantcrypto”) has partnered with the crypto asset trading service provider Coincheck, Inc. (HQ: Shibuya City Tokyo, CEO: Satoshi Hasuo, henceforth “Coincheck”) ahead of an IEO※1 (Initial Exchange Offering, henceforth “IEO”).
Brilliantcrypto was established in November 2022 as a wholly owned subsidiary of COLOPL, Inc. (CEO: Takashi Miyamoto, HQ: Minato City Tokyo), to carry out GameFi※2 projects using blockchain technology.
With this partnership, and through the interconnected business of Brilliantcrypto’s currently in-development blockchain game and Coincheck’s crypto asset trading service, the two companies will work together in creating a new game experience and GameFi market on the global stage.
The large-scale Japanese blockchain game project currently in development shall introduce “Proof of Gaming,” a new concept that works for the benefit of others (through guaranteeing value), inspired by the “Proof of Work”※3 mechanism of Bitcoin. Through doing this, it aims to make sustainable play-to-earn※4 a reality.
By utilizing the crypto asset exchange user base and sales network of Coincheck, which is the largest scale exchange and has the best track record with IEOs among domestic crypto exchanges, Brilliantcrypto plans to acquire trust, and aims to achieve a highly enthusiastic user base from the launch period of the game.
Brilliantcrypto will be holding a presentation on July 25th 14:00 JST at the “WebX 2023” event, which will be held at the Tokyo International Forum on July 25th and July 26th. WebX 2023 is a large-scale global conference where the main players in Web3 from countries around the world will gather. On the day, the founder and current chairman of COLOPL, Inc., Mr. Naruatsu Baba will be presenting.
You can view the online livestream by following the link below.
Comment from Isaka Tomoyuki (Coincheck, Vice-President, Executive Committee Member & Crypto Asset Operations Department Manager)
The GameFi market is still developing, and there is a demand for this new type of game experience that combines finance and entertainment using blockchain technology. Currently, there are many debates taking place about GameFi around the world. But I believe that between theorizing about it, and actually shaping it into something that you can implement into the design of a game that is actually playable, there exists an extraordinarily large gap.
The COLOPL group and its Chief Creator Naruatsu Baba are a rare force in the industry that bridges that gap by delivering original game design aligned with new eras in the gaming industry to their users. I am therefore very pleased to be working on an IEO with the creative team from Brilliantcrypto which is spearheaded by Mr. Baba.
As a leading company for IEOs and crypto asset exchange in Japan, we want to put our full support behind companies that aim to develop the Web3/Crypto industry, or creators that are giving this new type of game design a challenge.
Comment from Naruatsu Baba (CEO of Brilliantcrypto)
Brilliantcrypto was established to take on the challenges of blockchain gaming, and create games that truly shine and stand out. We feel empowered and elated that Coincheck felt a deep connection with our vision “to harness the power of games and blockchain technology to create new value,” and thus decided to become our IEO partner.
Through the partnership of our company, which has spent many years using technology and individualistic ideas to carry out business in the mobile gaming industry, with Coincheck, the largest cryptocurrency exchange in the domestic market, we aim to make a huge impact in not only the Japanese Web3 industry, or even just in the gaming industry, but in all areas of the world.
On July 25th at the WebX 2023 event, which is to be held at the Tokyo International Forum, I plan to deliver a presentation personally and reveal the project to the world. Please look forward to our project, which will bring a never-seen-before, new type of value out into the world.
※1: IEO describes the public offering, sale, and distribution of crypto assets (tokens) that takes place after a project audit/inspection with crypto assets exchange as the medium, following the rules of the Japanese domestic regulation. Until now there have been 4 examples of IEOs performed domestically. Coincheck has carried out two of these including the very first domestic IEO, through the Coincheck IEO platform.
※2: GameFi is a word that combines Game and Finance to describe games that include mechanisms through which one can earn through gameplay, which is made possible by integrating blockchain technology with crypto assets.
※3: Proof of Work (PoW) is one of the consensus algorithms that allows crypto assets to be mined. It allows the transaction and sending of crypto assets, starting with Bitcoin, to be correctly recorded on the blockchain through calculations and verification work. This calculation and verification work is called “mining,” and those who carry it out are called “miners.” PoW is the process in which agreement is reached that the data is correct between the miners through mining.
※4: Play-to-earn is a concept which describes games which make it possible to earn through gameplay, made possible by integrating blockchain technology with crypto assets.
Coincheck, Inc. operates a crypto assets exchange platform which for 4 years in a row, has been No.1 in application downloads in that category*. Coincheck’s mission is “Making Exchange of New Values Easier.” Using a foundation of the latest technology and the highest level of security, it aims to create the best service whereby users can feel closer to the “exchange of new values,” which is brought about through crypto assets and blockchain technology.
*Scope: Domestic Crypto Assets Exchange Platforms. Period: 2019/01〜2022/12 Data from App Tweak
Company Name: Coincheck, Inc.
Headquarters: Tokyo, Shibuya City, Maruyamacho, 3-6, 12F E. Space Tower
Executive Director: Satoshi Hasuo
Crypto Asset Exchange Business Registration: Kanto Local Finance Bureau No. 00014
Coincheck, Inc. Corporate Site: https://corporate.coincheck.com/
■About Brilliantcrypto, Inc.
Brilliantcrypto was established in November 2022 as a wholly owned subsidiary by COLOPL, Inc., to carry out GameFi projects using blockchain technology. It was established to take on the challenges of blockchain gaming, and create games that truly shine and stand out. Using both blockchain technology, and the bountiful knowledge gained through the COLOPL group’s many years creating video games, we will create new value on a global scale.
Company Name: Brilliantcrypto, Inc.
Headquarters: Tokyo, Minato City, Akasaka 9-7-2, 5F & 6F Midtown East
Executive Director: Naruatsu Baba
Brilliantcrypto, Inc. Corporate Site: https://brypto.net
＜Point of Contact regardings inquiries from the media on this release＞
Brilliantcrypto PR Representative: Hugo Church, Naoki Nose, Yasuhiro Noguchi