Blockchain
GMO Internet Holds Internal Testing of Blockchain, Preparing for the Launch of a Japanese Yen-Pegged Stablecoin (Yen-Pegged Currency) “GMO Japanese YEN (GYEN)” in the First Half of 2020
TOKYO, Dec. 23, 2019 (GLOBE NEWSWIRE) — GMO Internet (https://www.gmo.jp/en/) holds an internal testing of blockchain, preparing for the launch of a Japanese yen-pegged stablecoin “GMO Japanese YEN (ticker symbol: GYEN; hereinafter, “GYEN”)” in the first half of 2020 outside of Japan, following receipt of all necessary regulatory approvals.
GMO Internet’s development and planned launch of GYEN will be through Z.com, the global brand for overseas strategies of GMO Internet Group. As the GYEN blockchain development has been completed, GMO Internet is currently carrying out an extensive internal testing of the technology.
GMO Internet aims to support borderless trading, payments, remittance leveraging this virtual currency and applications of blockchain technology in the FinTech field through the use of GYEN.
Background of Launching Stablecoin
One of the challenges of promoting and enhancing market liquidity of cryptocurrencies is stabilizing price volatility which poses a risk to global remittance and payments. Amid such circumstances, “stablecoins” have been attracting attention as price-stable cryptocurrencies whose values are backed by a fiat currency or other underlying asset. GMO Internet Group positions its cryptocurrency business as a strategic business sector and launched its cryptocurrency exchange in May 2017 and its cryptocurrency mining operation in December 2017, both of which were launched in Japan. The cryptocurrency-related business domain focuses on the exchange, mining and payments. GMO Internet Group has already entered the exchange and mining domains. Regarding the domain of payments, GMO Internet will continue to investigate and research the potential of stablecoins, which enable mainstream financial technology use cases through the minimization of price volatility inherent with existing cryptocurrencies.
GMO Internet is preparing for the issuance of GYEN with the vision of digital currencies being utilized as a borderless payment and transaction method and within other applications of blockchain technology.
About the GMO Japanese YEN (GYEN) Stablecoin
There are mainly four categories of stablecoins: “fiat-collateralized,” backed by fiat currencies, “crypto-collateralized,” backed by other cryptocurrencies, “commodity-collateralized,” backed by commodities such as oil or gold, and “non-collateralized,” not backed by any assets but stabilized with a smart contract mechanism. The stablecoin that GMO Internet is preparing to launch is a fiat-collateralized stablecoin backed by Japanese Yen (Yen-pegged currency).
GMO Internet Group Press Inquiries GYEN Project Inquiries *”GMO Japanese YEN” and “GYEN” are registered trademarks of GMO Internet, Inc. Copyright (C) 2019 GMO Internet, Inc. All Rights Reserved.
GMO Internet Group is an Internet service industry leader, developing and operating Japan’s most widely used domain, hosting & cloud, ecommerce, security, and payment solutions. The Group also includes the world’s largest online FX trading platform, as well as online advertising, Internet media, and cryptocurrency related services. GMO Internet, Inc. (TSE: 9449) is headquartered in Tokyo, Japan. For more information, please visit https://www.gmo.jp/en/
GMO Internet Group
Group Communication Department
TEL: +81-3-5456-2695
Email: [email protected]
GMO Internet Group
GYEN Project Team
Email: [email protected]
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Blockchain
Blocks & Headlines: Today in Blockchain (BlackRock, Plume, SEALSQ, Hedera, Deutsche Bank, KuCoin)
Blockchain technology continues to drive innovation across industries, reshaping finance, infrastructure, and philanthropy. Today’s news roundup explores exciting developments in blockchain ETFs, tokenization funding, quantum-resistant chips, public blockchain initiatives, and impactful social projects. Here’s a deep dive into the latest blockchain headlines:
BlackRock ETF Embraces Blockchain with First Muni Bond Purchase
BlackRock’s blockchain-focused ETF has made its first foray into municipal bonds, signaling increased confidence in integrating blockchain technology with traditional finance. The ETF’s strategic investment demonstrates how blockchain can enhance transparency and efficiency in bond markets.
By tokenizing municipal bonds, BlackRock aims to simplify trading and settlement processes while reducing associated costs. This development underscores the growing role of blockchain in transforming financial instruments and fostering greater market accessibility.
Source: Yahoo Finance
Plume Secures Funding for Tokenization Platform
Blockchain fintech company Plume has raised significant funding to advance its tokenization platform. The company’s innovative approach enables businesses to convert real-world assets into digital tokens, streamlining asset management and unlocking liquidity.
Tokenization is rapidly gaining traction as a game-changer in sectors such as real estate, art, and commodities. Plume’s success reflects a broader trend of investment in blockchain solutions that bridge the gap between traditional assets and decentralized technologies.
Source: Fortune
SEALSQ and Hedera Partner for Quantum-Resistant Blockchain Chips
SEALSQ and Hedera have announced a groundbreaking collaboration to develop quantum-resistant chips designed to secure blockchain infrastructure. These advanced chips will provide robust protection against future quantum computing threats, ensuring the integrity of blockchain networks.
As quantum computing capabilities evolve, safeguarding blockchain ecosystems becomes increasingly critical. This partnership highlights the importance of proactive measures in maintaining the resilience and trustworthiness of decentralized systems.
Source: The Quantum Insider
Deutsche Bank’s Public, Permissioned Blockchain Initiative
Deutsche Bank’s Layer 2 blockchain solution is set to go public and operate as a permissioned network, according to its tech partner. This initiative aims to strike a balance between accessibility and security, leveraging blockchain to streamline financial services and enhance operational efficiency.
The decision to adopt a public, permissioned model reflects a growing trend among enterprises seeking to harness the benefits of decentralization while maintaining control over sensitive data. Deutsche Bank’s approach could serve as a blueprint for other financial institutions exploring blockchain adoption.
Source: CoinDesk
KuCoin’s “Light Up Africa” Initiative Brings Hope to Thousands
Cryptocurrency exchange KuCoin has made a significant impact through its “Light Up Africa” donation ceremony in Ghana, benefiting 36,000 children across the continent. The initiative combines blockchain technology with philanthropy to address energy poverty and support education.
By leveraging blockchain for transparency in charitable contributions, KuCoin sets an example of how the crypto industry can drive meaningful social change. The project demonstrates the potential of blockchain to empower communities and foster sustainable development.
Source: PR Newswire
Industry Implications and Key Takeaways
Today’s developments highlight the transformative potential of blockchain across multiple domains:
- Integration with Traditional Finance: BlackRock’s ETF underscores the synergy between blockchain and established financial systems.
- Tokenization Trends: Plume’s funding success reflects the growing demand for digital asset solutions.
- Quantum-Resistant Technologies: SEALSQ and Hedera’s partnership addresses emerging cybersecurity challenges.
- Enterprise Blockchain Adoption: Deutsche Bank’s public, permissioned network showcases the adaptability of blockchain in financial services.
- Social Impact: KuCoin’s philanthropic efforts illustrate blockchain’s capacity to drive positive societal outcomes.
The post Blocks & Headlines: Today in Blockchain (BlackRock, Plume, SEALSQ, Hedera, Deutsche Bank, KuCoin) appeared first on News, Events, Advertising Options.
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