The global crypto market may have last year, but notable names have joined forces to develop Bitcoin and blockchain financial services in Japan, which has emerged as one of the world's most crypto-friendly markets.
Blockstream, a blockchain startup founded by Bitcoin contributors, announced this week that it has launched a joint venture in Japan alongside Digital Garage, an early-stage investor / incubator that's backed by local launchers from Twitter, Square and others, and financial services firm Tokyo Tanshi .
Bitcoin and blockchain solutions for the Japanese institutional market "Crypto Garage" The venture was first unveiled last year, and it looks like Blockstream recently came onboard through an undisclosed investment. The startup said it is providing "technical expertise" for the effort.
It has been released on its first product, "SETTLENET.", That is a platform that uses Liquid Network, Blockstream's blockchain that is designed for exchanges and brokers with a focus on speed and security.
Settlenet – because nobody likes all-caps product names – is said to have gotten a clearance from the Japanese Financial Services Agency (FSA), which regulates exchanges and crypto projects, and its first launch will be a stablecoin for the Japanese Yen. The goal is to be traded for a bitcoin peg to the liquid sidechain using atomic swaps.
The companies have collaborated for some time already. An existing investor in Blockstream, Digital Garage has plowed a further $ 10 million into the business in which is its third largest investment since 2016. That deal takes Blockstream to around $ 110 million raised to date.
Tokyo Tanshi, meanwhile, is a brokerage firm that was founded over 100 years ago. Crypto Garage has been working with Digital Garage on crypto projects since last year.
Notes: The author owns a small amount of cryptocurrency. Enough to gain an understanding, not enough to change a life.