Japan's DeltaForesight Launches Pegged Crypto JPYdf with $27M Funding
DeltaForesight has announced plans to launch JPYdf, a cryptocurrency pegged to the Japanese yen. The company has secured ¥3.24 billion in funding from Coral Capital and other investors. JPYdf is designed as a DeFi protocol that allows users to borrow against their existing cryptocurrencies or stablecoins. The borrowed amount will be used to generate JPYdf tokens, which are pegged to the value of the Japanese yen.
The design of JPYdf includes an over-collateralization mechanism, where borrowers must provide collateral worth more than the loan amount. The loan is repaid in Japanese yen, and the borrower can redeem their collateral once the loan is paid off. However, if the collateral value drops below a certain threshold, the borrower's account may be liquidated.
DeltaForesight aims to leverage JPYdf as a bridge between cryptocurrencies and traditional assets, allowing users to borrow against various currencies including the Japanese yen. The company emphasizes that JPYdf is not a fiat currency nor an asset backed by Japanese yen, but rather a digital token designed for DeFi applications.