Blockstream’s newest joint venture with Crypto Garage and other leading cryptocurrency companies in the digital market industry Digital Garage and Tokyo Tanshi set to birth SETTLENET. The said venture is a collection of products arranged on a Liquid Network that aims to improve Japanese Bitcoin trading functionality and provide security for its participants.
Liquid Network is a sidechain technology and inter-exchange network venue linking cryptocurrency exchanges, brokers, financial institutions, and market makers or investors across the globe. It prides itself in enabling secure, confidential, and rapid transfers of Bitcoin between registrants of the network in an Issued Assets form.
SETTLENET will utilize Japanese yen stablecoin or ‘JPY-Token.’ It can be traded for Bitcoin or Liquid sidechain (L-BTC) by means of atomic wraps. It will speed up Japan Bitcoin trading and exchanges with total security, confidentiality, and lowering counterparty hazards.
Samson Mow, Chief Security Officer of Blockstream, expressed his excitement in the venture’s continued evolution of the Liquid Network ecosystem hopes SETTLENET to be the first ever stablecoin issuances. He also said that Liquid Network is only the best option for any investors or cryptofinance applications that are looking for reliable and secured Blockchain technology platform.
SETTLENET, in fact, has received the maximum levels of clearance to run in one of the country’s regulatory platforms. They have also gotten approval from the Japanese Cabinet Secretariat and the Financial Services Agency (FSA).
Masahito Okuma, Crypto Garage’s Chief Executive Officer (CEO), is also enthusiastic to have SETTLENET and Liquid Network to commence. He expressed that the OTC trading and exchanges are waiting for this type of platform as a solution to many barriers in the digital currency trading.
Okuma sees massive potentials with the venture that will aid to boost Bitcoin in Japan and eventually help it emerge and compete in the Bitcoin market; not just in Asia but in a global perspective.
Blockstream and the SETTELNET venture received an amount $10 million investment from Digital Garage. It aims to provide added funds to grow better multiple products like the crypto’s Data Feed, the Liquid Network ecosystem, and other lines that can manifest and act as significant elements in building Bitcoin’s infrastructure for its future.
This joint venture objective is to grow Bitcoin in one of the wealthiest countries in Asia, Japan; and to further regulate its use in preparation of its better growth potential in the future.