Japanese blockchain development company Crypto Garage is launching commercial service on its Settlenet platform for the crypto OTC market.
On June 8 Digital Garage’s updated its website stating that its Crypto Garage venture is launching commercial service for Settlenet, a settlement system using Blockstream’s Liquid Sidechain.
Settlenet has been in development since before January 2019, when Crypto Garage obtained regulatory approval from Japan’s Financial Services Agency (FSA) for a demo version.
It has been specializing in over-the-counter (OTC) transactions of digital assets for trading companies, crypto exchanges, asset managers and brokers.
The Digital Garage announcement stated that:
“In this demo, we went beyond proof of concept using a test environment and succeeded in solving the problem of simultaneous settlement of actual digital assets and Japanese yen funds on a side chain,”
It filed a report with regulators in Japan on the one-year pilot program in January 2020.
Blockstream launched Liquid as the first public, production-ready BTC sidechain in 2018 allowing for fast and secure transfers of digital assets between companies.
Settlenet uses Liquid as part of an arrangement allowing exchanges to issue yen-pegged stablecoins and trade against Liquid Bitcoin (L-BTC).
The system utilizes an asset exchange protocol called ‘atomic swap’ on the Liquid Network “to enable the simultaneous exchange of assets between trading parties without handing over control of the assets on the blockchain to a third party.”
Digital Garage reports an average transaction time of only two minutes.
Source: Cointelegraph | Image: Pexels
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