Was Japan’s IEO a Failure? Structural Flaws and Future Potential

2026/05/29 18:00 (Updated 2026/06/29 19:02)

Shogo Yamato

Was Japan’s IEO a Failure? Structural Flaws and Future Potential

Table of Contents

Introduction
Was Japan’s IEO a Failure? Structural Flaws and Future Potential
Why It Is Too Early to Declare Failure
Shoot by Yamasho

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Introduction

Hello and welcome, everyone.

My name is Shogo Yamato (Yamasho), Founder and Representative of Rivique Studio LLC.

In this series, I explore the latest developments in technology, particularly focusing on crypto assets and blockchain, based on my professional experience. While the publication schedule may be irregular, I am committed to delivering valuable and engaging articles with each update. Your continued support is greatly appreciated.

For this second article, our focus will be entirely on IEOs. If you have not yet read the first installment, or if you would like to know more about my background, please take a moment to read Vol. 1.

Yamasho | Rivique Studio：https://x.com/Yamasho_RS

(I recently created a new account on X due to various reasons, so I would be grateful if you could follow me there as well.)

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PROFILE

Shogo Yamato

Representative Partner, Rivique Studio LLC

Born in 1993. After graduating from university, he joined a startup providing recruitment and healthcare services, where he was assigned to the CEO’s office and worked in sales. He developed an interest in crypto assets in 2018, and in 2019 joined Coincheck, where he served as Project Manager for new token listings and led Japan’s first IEO. From 2021, at bitFlyer Holdings and bitFlyer, he oversaw new business development as Deputy General Manager, while also managing new token listings and serving as Head of IEO. In parallel, he contributed to industry development as Vice Chair of the IEO Committee and Secretary of the NFT Committee at JCBA. In 2025, he founded Rivique Studio LLC, providing consulting services focused on Web3. He is also active as a photographer.

Was Japan’s IEO a Failure? Structural Flaws and Future Potential

Introduction

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