The new partnership between Japanese telecom giant KDDI and leading crypto exchange DeCurrent will be engaged in a joint project to test digital currency. According to a press release, two companies will collaborate with WebMoney to conduct the testing for real-world transactions of digital tokens to promote cryptocurrency in Japan.
Joint Project To Ease Commercialisation
The new joint project to test digital currency which will be issued on a blockchain will be conducted between February 18, 2020, and February 28, 2020, by KDDI, DeCurrent and WebMoney.
The project aims to identify and solve issues related to commercialization by issuing digital tokens on blockchain to verify business processes. Japan aims to promote digital currency in commerce and create an all-new value in customer experience.
Blockchain platform built by DeCurrent will be utilised by the project to test the issuance, distribution and disposal of digital currency. WebMoney (a subsidiary of Au Financial Holdings) which is a registered fund transfer provider, will issue the digital tokens to participants of the project through the network of KDDI, which can be further used for settlement at small outlets.
The collaboration for a joint project aims to maximize automation of a series of business processes which includes the conversion to fiat currency via the settlement of proceeds at member shops.
Japan Accelerates Towards Crypto Movement
Japan is one of the leading tech-savvy countries in the world, which aims to utilize the latest technologies for new customer experiences. Blockchain technology which is the upgraded experience for data management is the foundation of cryptocurrency. The new project which aims to revolutionize the experience in the sector of trade and commerce which can be a way forward to the nation’s movement towards crypto space.
DeCurrent, one of the leading crypto exchange, has established the trust in Japanese markets after it got the regulatory approval from Japan’s Financial Agency to refill the Suica transportation cards through crypto coins.