Crypto Garage to Issue Tokenized Yen

Crypto Garage will develop SETTLENET, allowing memnbers exchanges to issue tokenized yen
21 January 2019   413

Tokyo-based startup Crypto Garage, Inc., a division of the public company Digital Garage, received permission to launch a financial blockchain project in a regulatory sandbox supervised by the Cabinet of Ministers of Japan. It is known that a startup involves the Liquid sidechain.

Crypto Garage will develop SETTLENET, which will allow producing tokenized yen on the basis of the Liquid Network for the exchanges-members, as well as trading an asset against L-BTC, tied to the value of bitcoin.

Note that atomic swaps will be used in SETTLENET to instantly exchange L-BTC for tokenized yen.

Representatives of the startup are convinced that the underdeveloped infrastructure for exchanges and institutions is the cause of unstable liquidity and sharp price movements. At the same time, in a startup they point to the absence of a universal trading platform that pulls certain risks along.

While the project is at the concept stage. However, its ultimate goal is to create an OTC platform with transparent pricing.

It is also known that testing will last exactly one year, and only licensed exchanges in the country will be able to participate.

Earlier consulting company inacta AG has signed a cooperation agreement with the developer of Bitcoin and Blockchain solutions Blockstream. Inacta AG will provide Blockstream with services that “help financial institutions take advantage of Sidechain Liquid”.

Hacked Zaif Exchange to Resume Operations

It was hacked in September last year,  about $60 million in cryptocurrency was stolen from its platform
22 April 2019   88

Japanese cryptocurrency exchange Zaif announced that it will complete the transition from the Tech Bureau to the Fisco Digital Asset Group (FDAG) on April 22 and resume normal operation the next day, Cointelegraph reportes.

In September last year, the exchange underwent a hacker attack when about $ 60 million in cryptocurrency was stolen from its platform, including Bitcoins, Bitcoin Cash and Monacoin. As part of the compensation plan to users, FDAG exchange acquired a large stake in Zaif business and transferred to the Tech Bureau over $ 44.6 million.

According to an earlier announcement of the exchange, 40% of the lost funds will be compensated to users by Fiat, and the remaining 60% - to the cryptocurrency, which will be available for withdrawal on April 23.