SETTLENET First to Receive Authorization by Japanese Regulatory Sandbox

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Crypto Garage, Inc. of Japan recently released a new product which is named as “SETTLENET”. This product has been developed in order to foster the development of applications based on blockchain technology for Financial Institutions.

The ultimate aim of the product launch remains to support the participants of “Liquid Network” which is a Bitcoin sidechain launched by Canada-based blockchain technology-based company, Blockstream Corporation.

The Crypto Garage, Inc. is a Fintech company based on developing blockchain financial services and also a subsidiary firm of Digital Garage, Inc. (TSE: 4819). The Company’s SETTLENET comes up various supporting tools to improve the development of applications over the Liquid Network. So over this platform of app development, SETTLENET assures the Liquid Network participants which include cryptocurrency exchanges, Over-the-Counter (OTCs) markets, and other financial institutions which need the features to do issuance, trading, and monitoring of transactions involving digital assets. This is a clear strategy to increase the Liquid participants, support and encourage them to develop more applications over this Liquid Network platform of app development.

On the same day of 21 January 2019, The company also published another press release mentioning that it received official authorization to conduct the first blockchain-based finance project under the Regulatory Sandbox in Japan, managed by Cabinet Secretariat of the country.

Within this project, the Company will be giving the involved crypto-exchanges “SETTLENET”*1. This will allow the participants to issue a stable coin pegged to Japanese Yen over the Liquid Network. The users will be able to trade this stable coin against Liquid Bitcoin that are pegged with Bitcoin. In this way, there is a quick peer-to-peer simultaneous exchange between Yen and Bitcoin without counterparty risk and without a third party intermediary.  The technology by which the exchange is able to keep up the trading is by Atomic Swap technology*2. The SETTLENET is also empowered in providing regulatory authorities with the ability to scrutinize any unlawful trading activities like money laundering.

Source: Crypto Garage Press Release

Digital Garage, Inc. which owns the Company works in and as “new contexts” solution provider which is an integration of 3 core technologies: IT (Information Technology), MT (Marketing Technology), FT (Financial Technology). The Company aims into collaborating all the 3 technologies to come up with a single seamless solution which is a combo multidisciplinary solution altogether. The Business segments of the Company is broadly divided into 3 segments: Incubation segment, Marketing segment, and Payment segment. The Incubation segment incubates and invests in uptrend startups and new creative businesses. The Marketing segment is highly involved in all sort of marketing methods and tactics to make sure that the best service is being provided to the customers. The Payment segment is vital from the perspective of monetization of the internet business.

Liquid Network is a blockchain platform by which various exchanges, brokers and market makers can process faster private Bitcoin transactions with other network members. This avails the liquidity to be used to tokenize fiat currencies, securities, or cryptocurrencies.

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