Mitsui & Co. Digital Commodities (MDC) is a digital asset company established by Mitsui & Co. with the mission of creating new investment instruments using tokenized real world assets. Since launching operations on February 17, 2022, MDC has focused on issuing commodity-linked digital assets, beginning with Zipangcoin (ZPG), a gold-backed token. In 2023, MDC expanded its offering to include platinum- and silver-backed tokens, resulting in a portfolio of three tokenized commodities. Fireblocks enables MDC to adopt new blockchains and distribution channels without compromising internal controls or operational integrity.

The Challenge: Operational Constraints From Single-Chain Dependency

While commodities have long been accessible through traditional financial products, crypto exchanges have historically focused on Bitcoin and other cryptocurrencies. MDC identified an opportunity to bring alternative asset classes—such as tokenized gold, platinum, and silver—to the exchange with strong positive market response to Zipangcoin.

As adoption grew, several structural challenges became increasingly clear. First, blockchain usability was a recurring concern. MDC initially issued its tokens on a single private blockchain, which provided strong control and governance but limited flexibility for crypto-native users. Experienced digital asset investors expected functionality that was difficult to satisfy with a private blockchain, such as:

• Transferring assets across different blockchains
• Using tokens as collateral
• Leveraging the token within broader onchain applications

Second, MDC recognized the strategic risk of blockchain lock-in. As blockchain technology evolved rapidly, new chains offering improved scalability, decentralization, and performance continued to emerge. Relying on one blockchain alone could constrain future growth and innovation.

“As blockchain technology evolves rapidly, remaining locked into a single blockchain could become a long-term business risk,” shared Kanako Takeda from Mitsui & Co., Ltd.

Scaling Blockchain and Channel Expansion Without Compromising Controls

To address these challenges, MDC evaluated infrastructure providers capable of supporting token issuance, custody, and transfer across multiple blockchains without requiring bespoke development for each chain. MDC selected Fireblocks as the infrastructure provider for its next phase of growth.

Fireblocks offers more than traditional custody. The platform supports tokenization workflows, enabling MDC to manage issuance, transfers, and governance policies through a single infrastructure layer. This allowed MDC to pursue a multi-chain strategy while preserving operational control. With Fireblocks, MDC can:

• Deploy tokens across both private and public blockchains
• Adapt token supply to the technical requirements of different exchange
• Avoid maintaining custom integrations for each blockchain network

Crucially, Fireblocks allows MDC to retain its existing internal control model and ensure continuity in governance, security, and compliance.

A Scalable Foundation for Tokenized Real World Assets 

With Fireblocks, MDC is building a future-ready, multi-chain foundation that supports both controlled expansion and long-term optionality. MDC has disclosed an issuance cap of JPY 39 billion for Zipangcoin and is focused on expanding domestic circulation by increasing the number of supported exchanges and token holders. The ability to flexibly support different blockchain environments is expected to accelerate this growth.

Fireblocks also opens a path toward international expansion. While MDC’s operations have historically been Japan-focused, the company recognizes that global markets represent a significantly larger opportunity. Fireblocks’ extensive network that connects exchanges, blockchain providers, and institutional participants worldwide, positions MDC to explore overseas distribution in a structured and phased manner.

“If we offer commodity-backed tokens, we need infrastructure that meets investors’ expectations of onchain usability. Fireblocks enabled us to pursue a multi-chain strategy while preserving our existing governance and internal controls.” Yoshinori shared.

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