According to Startup-DB (A website that writes about startups in Japan), GVE LTD. has a market capitalization of ¥111.7 Billion Yen (approximately $1.013 Billion USD).

It has doubled in just 1 year, and we also suspect the share price has doubled as well.

It is currently ranked 10th in the domestic startup valuation ranking in Japan (*7th in the For Startups survey).

Various media such as the Nihon Keizai Shimbun (Japan's most major economic newspaper) have also featured the vaccine passports developed by GVE.

GVE has also collaborated with Aston University, further increasing our hopes in the creation of a global standardardization of the vaccine passport to end the coronavirus pandemic.

In this article, I will be giving an update on GVE Ltd.'s venture over the past year and it's Vaccine Passport, one of GVE's biggest business segment.

GVE LTD.'s Business Segments

GVE currently has four major business segments.


CBDC Platform
② Foreign Exchange Reserve Union
③ Online System Platform
④ Vaccine Passport, Electronic Medical Record, Life Expectancy Extension Platform

What they have in common is that they are all platform businesses that utilize the DX platform EXC.

CBDB Platform

Central Bank Digital Currency (CBDC) is GVE's main business.

A project to introduce the EXC platform in Nepal is currently underway (An article on this will be written soon!)

Due to Covid-19 there has been a delay in this operation and we suspect this project will be in full-scale between 2022 to 2023.

Foreign Exchange Reserve Union

Another name for EXcoin® is the Foreign Exchange Reserve Union.

Currently, there is a volatility (price fluctuation range) of about 20% from the listing price of USD$12,000.

Although we think it is relatively cheap considering the soaring prices of other virtual currencies and the rise in the stock price of GVE, there is still no catalyst (trigger, material) for the price of EXcoin to actually rise.

We believe the following events will be catalysts for the price of EXcoin® to rise.

① Listing of GVE LTD.
② Listing of EXcoin on other exchanges
③ Success of GVE LTD.'s Business Segments

Regarding , GVE's vaccine passport is in work and may be the first catalyst to cause EXcoin to rise in the near future.

Online System Payment

The EXC platform can be used not only for CBDC but also for any business that uses servers.

In recent years, information leakage by companies is becoming a growing problem, and it is an area with considerable demand.

The EXC platform cannot be hacked even by quantum computers, and can solve corporate problems related to information management.

On GVE LTD.'s official website, they have illustrated the various collaborations possible:

  • Private Financial Institutions that CBDC can't cover (Private Sector Bank Digital Currency a.k.a PBDC)
  • Application developer's of smart cities
  • Application developer's of digital payroll
  • Alliance with mobile phone companies
  • Operation of subscription-type EC websites
  • Operation of point system
  • Private sector Bank Digital Currency

Vaccine passport, electronic medical record, healthy life expectancy extension platform

Vaccine passport is a segment that has made significant progress over the past year.

GVE's EXC platform are getting attention from professionals around the world as it is the only platform in the world that meets the 12 requirements advocated by the Royal Society in the United Kingdom.

Healthcare is a major international industry and is something that is truly compatible with the EXC platform. GVE is also looking to introduce electronic medical records in the future.

GVE's Collaboration With Oxford University

GVE works with Professor Georg Holländer of Oxford University.

Professor Holländer is an authority on international immunology and has deep knowledge of new coronavirus infections and the vaccine passports. As a result, GVE's vaccine passport has became impeccable even to the world's top researchers.

Professor Holländer is also a member of the Global Advisory Board, which cooperates with GVE's marketing. Other than Professor Holländer, the Global Advisory Board consists with internationally renowned people.

It is playing an important role by connecting Mr. Koji Fusa, CEO of GVE, to key people in various countries.

UK Royal Society "12 Challenges for Vaccine Passports"


On February 19, 2021, the Royal Society of the United Kingdom released a report entitled "12 Vaccine Passport Challenges".

The main challenges can be summarized to the 3 following points:

Royal Society: Criteria for Vaccine Passport

① International Standardization(Compatibility、Extensibility)
② Protection of Privacy
③ Prevention of Tampering and Counterfeiting (Ensuring Authenticity)

Regarding , since it already meets the ISO / IEC 24643 standard (Ecma-417: Distributed Real-time Access System), the high technical capabilities and strengths (which only GVE has) are becoming recognized internationally.

Regarding and , GVE's vaccine passport is currently unrivaled. Since GVE's vaccine passport utilizes the EXC platform which is flawless regarding "protection of privacy" and "ensuring authenticity" with its patent, it is GVE's forte.

If the GVE vaccine passport becomes internationally standardized to become the de jure standard in the world, it is highly likely that it will be widely introduced internationally in the near future.

Koji Fusa joins Ecma's management meeting


Mr. Koji Fusa, CEO of GVE Co., Ltd., has joined the management meeting of Ecma-International, an international standardization organization.

Ecma-International's ISO Joint Committee 1 creates international standards for IT.

Not many people may be familiar with Ecma, but many IT-related products such as CD-ROMs have a history of becoming ISO standards through the draft of Ecma, and has great influence in the IT industry.

It is a surprise that Mr Fusa got recruited to ECMA as GVE is still only a Japanese venture company while the core members are comprised of leaders in high-tech companies or experts in international standardization.

Koji Fusa Becomes a Visiting Professor at Aston University


In March 2021, Koji Fusa became a visiting professor of the Cyber ​​Security Center at Aston University.

Mr. Fusa's expertise in the cyber security field must have been rated highly.

Aston University

Aston University was named "University of the Year 2020" by The Guardian' and is ranked number one in The Times Higher Education rankings for the most entrepreneurial college disciplines.

GVE has written on their website, "We plan to collaborate with Professor Benson, the director of the Cyber ​​Security Center, who is famous as an expert in the field of cyber security, in the field of cyber security and international standardization."

Recommended Articles

Aston University recently published the article: "Aston University cyber security experts could hold key to vaccine passport rollout"

Professor Vladlena Benson who is an industry recognized expert in cyber security risk management as well as the director of Cyber Security Innovation Research Centre has commented:

"I’m confident this could become the first such system where the authenticity of the vaccine certification instantly can be checked globally, something that can’t be done currently."

Technology of GVE

In the article, Mr. Koji Fusa commented on the technical aspect as follows.

“The current EU Green Pass initiative and World Health Organisation's initiative have struggled to find the solution for private data protection and counterfeit prevention. This proposed system would solve these two challenges. We have a solution that is secure, something that others have failed to achieve so far.

“By having a cloud security server which gives unique reference numbers to all devices, technology issues pointed out by The Royal Society* have been solved. 

“This will be a huge step forwards for digital identification globally. Not only for vaccine passports, but for people’s personal information too. The framework would make everyday life more secure and simpler.

“It will allow people to verify all of their personal information like, address, electronic health record and bank details individually and instantly with whichever third party they choose. That could be anything from a home-buying process or getting into a nightclub."

Aston University cyber security experts could hold key to vaccine passport rollout

A cloud security server that assigns a unique reference number to all devices is a feature of the vaccine passport developed by GVE.

This is only possible by utilizing the GVE HSM, which is the foundation of the EXC platform, and is considered to be very difficult for other companies to copy.

You will be able to see all your personal information individually and instantly with a third party of your choice.

This means you can fine-tune who and to what extent your personal information will be disclosed.

In this respect, it is different from Japan's My Number Card, where important information will be leaked if you lose it.

Possible Scenario Of GVE's Vaccine Passport Becoming An International Standard


According to Nihon Keizai Shimbun (Japan's most major economic news paper), the Japanese government plans to issue a paper vaccine passport from this summer (June to August 2021).

Issuing a vaccine passport itself is a necessary effort to bring the economy back to normal.

However, the problem with paper vaccine passports is that the validity of it is confirmed at the local airport, etc., and cannot prevent people from counterfeiting or falsification.

We think that there will eventually be a need to shift towards a reliable digital vaccine passports that prevents this with having a lower cost.

Creating a Digital Vaccine Passport Ain't Easy

The EU has been the first to introduce digital vaccine passports, but unfortunately does not meet the 12 requirements advocated by the Royal Society.

The problems mentioned above still remain. The same could be said with the problem surrounding cryptocurrency and money laundering.

The superiority of the EXC platform in the field of payments systems can be directly applied to the vaccine passport.

Road to the De Jure Standard

With Mr. Koji Fusa joining Ecma's management council, it is highly likely that GVE's vaccine passport will become the De Jure Standard.

The attachment to the Aston University article has the following statement:

Aston may want to pursue making vaccine passports use-case as the Part 2 of the ISO/IEC 24643. The Ecma-International TC51 meeting for Ecma-417 (ISO/IEC24643) took place on 1st June to proposed change in August 2021

Vaccine Passports (GVE Ltd.)

From the content of the article, it is natural for GVE's vaccine passport to come up as a candidate for this use case.

If adopted as a use case, GVE vaccine passports may become the standard for vaccine passports worldwide.

Official Logo of GVE


The official logo mark of GVE has been decided.

Mr. Fusa has a policy to "not spend time and budget on the logo and name".

Although not much effort and resources was used to create this logo, you can see that it is a "high-tech company" at a glance and I think it has a very good design.

Current Stock Price and Market Cap. of GVE LTD.


In Mr. Fusa's monthly e-mail magazine, it was revealed that GVE Ltd. will raise new funds. Regarding the stock price, it is said that it is a price that only institutional investors can afford.

Given that the market capitalization has doubled from ¥55.8 billion yen (approx. $556 Million USD) to ¥111.7 billion yen (approx. $1.013 Billion USD) in the previous round of financing, will it double again to ¥223.4 billion yen (approx. $2.026 Billion USD)?

In that case, it will be ranked second in the valuation ranking of domestic startups.

Calculating GVE's Stock Price

By the way, the stock price can be calculated easily.

According to the public notice on it's website, GVE has 23,255 issued shares.

According to the startup DB, the market capitalization is ¥111.7 billion yen (approx. $1.013 Billion USD).

Market Capitalization Formula

Market capitalization = stock price x number of issued shares

Applying the above formula, ¥111.7 billion JPY ÷ 23,255 shares = 4,803,268 yen It is about ¥4.8 million JPY per share (Approx. $43,572 USD per share).

If the market capitalization doubles to ¥223.4 billion yen with this funding, 223.4 billion yen ÷ 23,255 shares = 9,606,536 yen It will be about 9.6 million yen per share. (Approx. $87,146 USD per share)

$87,146 per share may look very expensive, but this is not surprising when you compare it to the leading tech companies in the United States.

The actual numbers were talked about in MagMagu Live of Mr. Koji Fusa's "Nothing to lose!" (which is unfortunately in Japanese).

We will not expose it here because it is paid content, but if you are interested, please sign up.

Koji Fusa's Book To Be Released


Mr. Fusa is writing a book on digital currencies.

Please refer to the monthly email magazine for more details, but there is no doubt that EXC will attract more attention once released.



After the Covid-19 Pandemic, the business segment of GVE Ltd. is growing.

Among them, the vaccine passport business is attracting international attention, so keep an eye on it.

The success of the vaccine passport business will influence the price of EXcoins.

There may be big news in the near future.

Excormedia will continue to keep you updated.

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