Altcoins
Rumor of partnership with Apple sends Altcoin crypto up 20%
A whirlwind of speculation is currently surrounding the crypto asset JasmyCoin (JASMY), colloquially referred to as the “Bitcoin of Japan”, following a recent announcement from the Japanese Prime Minister’s Office. Yesterday was disclosed that a video conference between Prime Minister Kishida and Apple CEO Tim Cook confirmed the integration of the Japanese My Number Card function into iPhones by next spring.
Crypto Investors Speculate on Apple Collaboration
The news sparked a significant rally for JASMY, leading to a 20% increase in its market value over the past 24 hours, pushing its market capitalization to $1.4 billion and ranking it the 67th largest cryptocurrency in terms of market capitalization. The 24-hour trading volume of altcoins also jumped 400% to $570 million.
Although the My Number Card system – a Japanese government personal identification framework – is not officially linked to JasmyCoin, rumors have been circulating for the past few months regarding a potential link. Despite the lack of formal confirmation, investors appear to be speculating on a link, influenced by the broader interpretation of Japan’s digital strategy, which includes promoting Web3 technologies such as blockchain and IoT, areas in which JasmyCoin is an important player.
JasmyCoin, created in 2016 by former Sony executive Kazumasa Sato, aims to provide secure transactions and data storage for IoT devices. The cryptocurrency is rumored to be part of Japan’s broader approach to integrating advanced technologies into everyday life, including Metaverse and NFTs. “Jasmy’s mission is to facilitate the democratization of data through secure management and storage solutions, allowing individuals to maintain control of their personal information.
Speculation about JasmyCoin’s involvement in the My Number Card system appears further fueled by an erroneous report shared on Binance Square, suggesting direct integration of JASMY with the card’s functionality on iPhones. However, this claim has not been substantiated by any official sources.
The Japanese government is supportive of adopting Web3 innovations as a strategy for economic growth, with the Prime Minister himself highlighting the importance of digital transformations in recent public speeches. The optimistic outlook for blockchain technology in Japan has been a boon for JasmyCoin, with the government’s digital policy indirectly benefiting the cryptocurrency.
JASMY’s recent increase in market activity demonstrates the volatile nature of cryptocurrency markets, where rumors and expectations can lead to significant price movements. As it stands, although JasmyCoin is indirectly aligned with Japan’s digital ambitions, direct partnerships or integrations with government projects like My Number Card have not been officially confirmed.
Since February 19, JASMY has rebounded approximately 380%. However, the altcoin is still down over 91% from its all-time high of $0.35 in October 2021. At press time, JASMY was trading at $0.03068.
Featured image created with DALL·E, chart from TradingView.com