The Liquid Network will enable the latest and accurate ways of handling its financial transactions. SETTLENET has been built on the Liquid Network by the Crypto Garage team.
Crypto Garage is a joint venture between Digital Garage, Tokyo Tanshi, and Blockstream. After the launch, SETTLENET will be supporting trading between Liquid Bitcoin (L-BTC) along with the recently launched JPY token, SETTLENET JPY (JPYS).
SETTLENET users will trade with each other making the use of atomic swaps, which reduces the risk of settlement that is associated with the over-the-counter transactions. This will allow businesses on the platforms to execute transactions quite efficiently with lesser paperwork with an overall expansion of counterparties that are available to work with them.
Talking about the launch, the CSO of Blockstream, CEO of Pixel Matic and the Creator of Infinitefleet, Samson Mow, tweeted congratulating CryptoGarageInc on the launch of SETTLENET.
Congrats to @CryptoGarageInc on the #SETTLENET launch! This is big news for @Liquid_BTC with a major piece of trading infrastructure now running on @Blockstream’s sidechain tech. Also $JPYS is the first Japanese Yen #stablecoin in production! ?? https://t.co/dsie5DQBPk
— Samson Mow (@Excellion) June 9, 2020
After entering the Japanese Bitcoin market, it has been a challenge for the companies due to the high costs involved in making a legal establishment in the country. SETTLENET has made things comparatively easier after the introduction of JPYS.
After completing the transactions, instead of the business availing physical settlements to a Japanese bank account, the JPYS tokens are directly delivered to the Liquid Wallet of the business. This will allow SETTLENET customers to avail of settlements in Japanese yen from anywhere in the world in a cost-effective manner. On a technical level, SETTLENET will be able to support any assets issued on the Liquid Network.