Blockchain technologies and financial cryptography firm, Blockstream, has teamed up with Japanese IT company, Digital Garage, to promote blockchain technology in the Far East and establish Japan as a leading market in blockchain.
The multi-year strategic technology partnership is a timely development as interest surrounding bitcoin and blockchain technology has really ramped up in the country, according to Kaoru Hayashi, group CEO of Digital Garage, in a statement made available to the press.
“This expanded partnership is coming at a time in the Japanese market where we’re seeing incredible interest in Bitcoin and blockchain technologies,” said Hayashi.
“Japan is on the forefront of financial innovation and is a leader in digital assets. In this future-looking market, it was imperative that we have a solid technology foundation on which to build industry-leading, blockchain-based financial applications for our customers. Blockstream’s Elements Blockchain Platform gives us the solid foundation we need – it’s highly secure, thoroughly tested, and backed by the blockchain experts at Blockstream,” he continued.
According to Dr. Adam Back, CEO of Blockstream CEO, Dr. Adam Back, meanwhile, was ecstatic at the prospect of being at the forefront of blockchain tech development in Japan, saying:
“We are excited to expand our partnership with DG Lab and to be at the forefront of blockchain technology in Japan. The Japanese market is ready for new business models that blockchain technologies can enable. DG Lab is a clear leader in blockchain services in Japan and has strong technical experience working with the applied cryptography and technologies within the Elements Blockchain Platform. Collaborating with DG Lab presents an incredible opportunity to accelerate the deployment of blockchain-based solutions in the market.”
The day also saw Blockstream announcing a new infusion of investment from the DG Lab Fund – a partnership between Digital Garage and Daiwa Securities Group. The investment brings the total raised to over $80M.
DG Lab and Japanese inter-dealer broker The Tokyo Tanshi, would work with Blockstream to distribute local currencies with the use blockchain technology, as well as penetrate the over-the-counter (OTC) cryptocurrency market.
Interest for blockchain and cryptocurrencies is expanding at a massive rate on the island, and several companies and institutions have made moves to examine the use cases of blockchain technology in different sectors.
Recently, digital services company GMO Internet declared a blockchain know-your-customer (KYC) tool, geared to help banks verify the identity of new customers. In addition, Japanese utility giant TEPCO announced last month that it is reviewing the how the technology can lower risks of over-centralized energy sources, among other use cases.
