Japanese Card Giant, JCB to Launch Crypto Interoperability Pilot

crypto interoperability pilot

January 27, 2021

Reading Time: 2 minutes

Cryptocurrencies are increasing in popularity day by day. The traditional financial sectors are slowly adopting the incorporation of cryptocurrency in their products. JCB, a Japanese card giant, is the latest institute to announce its adoption of blockchain technology.

In a recent press release, JCB announced that it is cooking a crypto-related pilot. The project is in partnership with Corwry, a payment and blockchain start-up based in Tokyo. The two companies agreed to work on projects dealing with token economies back in August 2019. JCB and Corwry want to take advantage of stable coins, which are cryptographic assets with relatively stable transaction prices. Corwry’s blockchain platform will provide the cryptocurrencies that the two companies will experiment on in terms of the tokens’ crypto interoperability solutions.

Fujitsu, another Japanese multinational IT equipment company, also joined the crypto interoperability pilot project. As Cowry provides the existing cryptocurrencies and other blockchain networks, Fujitsu Laboratories will provide interoperability solutions for the tokens.

What the Crypto Interoperable Solutions Will Offer

Currently, buyers and merchants of cryptocurrencies have to wait for block mining on their specific blockchain networks to confirm their transactions. The interoperable crypto solutions by the Japanese card giant will enable immediate settlements of payments. The instantaneous settlements will be possible by using a technology that will “partially centralize” transactions.

The partial centralization will allow buyers and merchants the freedom to make transactions across different tokens. For instance, a customer that holds a Bitcoin wallet could make payments to a seller with an Ether wallet. The success of this solution will be an excellent advancement for crypto-related transactions.

JCB and Corwry affirmed that the crypto interoperability pilot would massively aid in token exchange distribution across different economic zones, sectors, and groups. The target for the two companies is regional revitalization. They could utilize this solution to future stable coin projects.

JCB Has Been Easing into the Crypto and Blockchain-Powered Business

JCB has been taking on projects that advance the company into the crypto and blockchain-powered business. Last year, it took on a project with Fujitsu to develop a payment platform for cryptocurrencies and stable coins. The Japanese card giant also partnered with Line, a chat app operator, to create an e-pay solution using cryptocurrencies.

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