J Venture pegs its JFIN coin to Bitcoin

J Ventures chief executive officer Thanawat Lertwattanarak said JFIN coin, which claims to be the country's first cryptocurrency pegged to the largest and most popular cryptocurrency by market cap, began trading on Tuesday evening via Coinstore.com.

Currently, all Thai cryptocurrency trading in the market is pegged to USTD. 

He said the move is part of the company's efforts to take its own developed blockchain technology to the next level while insisting that the company does not expect to profit from the resurgence of the cryptocurrency industry.

Several experts, including Ben Weiss, co-founder of a crypto ATM provider, recently pointed out that ETF approvals and the upcoming halving could make 2024 a record year for cryptocurrencies. 

Thanawat insisted that the main goal of pegging JFIN coin with Bitcoin is to give coin holders more options for burning or spending the coin. 

The move comes as the company announces its 2024 strategic roadmap for expanding and strengthening its JFIN Chain ecosystem with new partners and features that will enable businesses to implement Web 3.0 and blockchain technology such as non-fungible tokens (NFT) to unlock new opportunities for growth and innovation. 

He pointed out that the rise of the digital economy has compelled most businesses to digitise their operations while establishing their own community to engage with customers. However, collaboration is preferable to going it alone in meeting consumer demand efficiently and encouraging more engagement. 

"JFIN Chain would like to be that community hub for those businesses," he said, adding that the company anticipates adding at least 10,000 new digital users to its database per month throughout the year.

He added that J Ventures would broaden its focus on JFIN Chain, a blockchain technology for Jay Mart businesses designed to meet the needs of blockchain users across all lifestyles. 

Jay Mart Group, Thailand's leading retail business based on smartphones and gadgets, currently serves approximately 11 million customers.