Japan-based Crypto Garage to pilot crypto exchanges’ Bitcoin Sidechain
|- Crypto Garage Settlenet system incorporates Blockstream’s Liquid Sidechain.
- Settlenet “will enable rapid, secure and confidential transfer of the crypto assets.”
A report published by Cointelegraph details that a startup in Japan referred to as Crypto Garage has
acquired regulatory permission to pilot its self-developed settlement system that incorporates Blockstream’s Liquid Sidechain. Crypto Garage is a blockchain development firm claims to be the first blockchain company to be granted the license by the regulator in Japan.
The license gives the firm the mandate to carry out trials on various cryptocurrency exchanges. The product the Crypto Garage plans to introduce to the market is referred to as Settlenet. It integrates Liquid in order to give crypto exchanges the ability to issue stablecoins backed by the yen. Moreover, the stablecoins can be exchanged against Liquid Bitcoin (L-BTC) and Blocstream’s sidechain.
In addition to that, Settlement enables “atomic-swaps,” a feature used by exchanges to enable cross-blockchain transactions directly by avoiding manual conversion of the assets. A section of the press release on January 21, 2019, said:
“This will enable rapid, secure and confidential transfer of the crypto assets while eradicating counterparty risk.” “In addition, Settlenet will provide the regulatory authorities with the functionality to monitor any unlawful trade, including money laundering.”
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