Canada-based Blockchain technology company Blockstream is partnering with Japanese Blockchain
Canada-based Blockchain technology company Blockstream is partnering with Japanese Blockchain firm Digital Garage and finance company Tokyo Tanshi to form a new venture called Crypto Garage. The new partnership will result in the launch of an array of Liquid Network-based products called SETTLENET by CryptoGarage.
These products will be designed to facilitate efficiency in trading as well as increase security for crypto investors in Japan.
A Japanese Yen-based stablecoin called JPY-Token will be the first application to be launched on SETTLENET. The JPY-Token can be traded for Bitcoin pegged to the Liquid sidechain with the use of atomic swaps. It will enable trading desks and crypto exchanges in Japan to complete transactions in secure and fast way, and will also reduce the counterparty risk.
The Chief Strategy Officer of Blockstream, Samson Mow, said on the development,
“We’re very excited to see the continued growth of the Liquid Network ecosystem and expect SETTLENET’s Japanese yen token to be the first of many stablecoin issuances on Liquid. For serious crypto finance applications that require secure and reliable blockchain technology, Liquid is the only real option.”
As per reports the suit of products called SETTLEMENT has been cleared by the Cabinet Secretariat and the Japanese Services Agency to function in Japan’s regulatory sandboxes. The yen pegged JPY Token is slated to drive Bitcoin liquidity in the crypto markets of Japan.
The Chief Executive Officer of Crypto Garage, Masahito Okuma, explained,
“Exchanges and OTC trading desks have been waiting for a solution like this. SETTLENET together with Liquid makes trustless Bitcoin trading a reality, in a sustainable regulated environment. This is going to lead to a huge boost in Bitcoin liquidity in Japan and cement the region’s place as a leader in the emerging Bitcoin industry.”
Reportedly, Blockstream has already received a USD 10 million investment from the Japan-based Blockchain company, Digital Garge. This additional investment is slated to provide Blockstream with the necessary funds to infuse into the development of various products like Cryptocurrency Data Feed and Liquid Network as well as into the development of new product lines.
The investment of funds in these products will drive Blockstream in the right direction towards developing infrastructure for the crypto economy of the future.