Japan’s Largest Department Store Chain Engages in Capital Participation

The Marui Group, the largest group in Japan, announced that it has entered into a capital and business alliance agreement with Electric Power Co., which has developed a blockchain based P2P power trading platform.

What is the Marui Group?

Marui Group Co., Ltd. is a holding company that owns subsidiaries such as fashion buildings under its Marui umbrella name. At the time of transition to the holding company system, it was classified as three businesses, “retail business,” “card business,” and “retail service related business.” From 2017 it has changed to two types of businesses, “retail business” and “FinTech business.”

What is the Minna (ENG: Everyone) Electric Corporation?

It is the first energy-innovation and venture company that realized a mechanism to support power producers as the P2P power trading platform in Japan. They aim to expand the use of renewable electricity by a system that everyone can choose electricity from, which can be derived from the development of a power trading platform used among individuals that utilizes blockchain technology.

On the introduction of renewable energy

During September 2018, many people participated in Minna Electric’s new service trial called “ENECTRE 100 plan” hosted by Marui group retail store Shinjuku Marui Main Building. This service is the first in Japan to supply an electric source by blockchain technology. This system leads to recognition of power generation stations (traceability of power supply) and is in line with the belief of RE100’s emphasis of energy-saving procurement.

Regarding “RE 100”

The international group of NGOs “The Climate Group” is an international initiative promoted in cooperation with the CDP*, and the affiliated companies are expected to take the initiative from the renewable energy sources by 2050 at the latest as early as possible. Their goal is to raise 100% of electricity from renewable sources.
* CDP … NGO organization launched in the UK in 2000. They survey and evaluate how companies and cities around the world are tackling environmental problems and provide their information and results to investors.

Means of financing from not just ICOs?

Although there is a means of raising funds through ICOs that are not legally regulated, there is news of a good example of small and medium-sized enterprises (SMEs) having other means of financing. Blockchain projects exist to solve social and corporate goals and problems that are not legally defined using ICOs and virtual currencies. For the market, the aim should be to meet the demand for fund by means other than ICOs and working towards stronger alliances with large companies.