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Japan’s Aozora Bank Plans Digital Currency LaunchGMO Aozora Net Bank, a Japanese commercial bank and a member of a Japanese corporate consortium comprising over 100 members, has unveiled plans to introduce a blockchain-based digital currency known as DCJPY.Photo by David Edelstein on UnsplashDCJPYAccording to Reuters, the blockchain-based digital currency is scheduled for launch in July of the upcoming year. DCJPY will be a Japanese yen-based stablecoin, underpinned by deposits and harnessing blockchain technology to enable instantaneous and seamless transactions. Unlike conventional transfer methods that rely on a bank’s data system, DCJPY circumvents this process via a blockchain network, leading to a reduction in associated costs.Efficient inter-company paymentsThe primary objective of Aozora Bank’s venture is to streamline payments between businesses. The incorporation of blockchain technology offers a secure, transparent, and efficient transaction framework. By adopting this digital currency, companies can experience the advantages of swift settlements while concurrently mitigating the financial outlays tied to traditional banking systems.This consortium recognizes the vast potential of blockchain technology and is seeking to harness its inherent benefits to enhance diverse business operations. With the upcoming launch of DCJPY, the consortium will effectively be promoting the use of blockchain-based digital currencies within Japan and catalyzing innovation within the financial sector. The project has the potential to bring about heightened efficiency, cost reductions, and an overall enhancement in the realm of financial transactions.Banking heavyweightsThis move by Aozora aligns with the global surge in interest and adoption of blockchain technology. The bank operates as a prominent member of a broader consortium, which encompasses a multitude of Japanese corporations. The consortium includes major players in Japanese banking, including Mitsubishi UFJ Financial Group (MUFG), Mizuho Financial Group, and Sumitomo Mitsui Financial Group. It has been meeting frequently to assess ways in which it can build a common settlement infrastructure for digital payments.MUFG is already deeply involved in blockchain-based innovation. The banking group has established its very own Progmat blockchain tokenization platform, which includes the Progmat Coin stablecoin platform.Last month, the bank announced a partnership with Binance which will endeavor to investigate the issuance of public blockchain stablecoins based on the Japanese yen. MUFG’s Progmat includes Mizuho as one of its clients on the blockchain platform.Stablecoin regulationThese recent announcements and Aozora Bank’s stablecoin plans follow the passage of a bill by Japan’s parliament earlier this year that restricts stablecoin issuance by non-banking institutions. The bill stipulates that only licensed banks, trust companies, and registered money transfer agents are permitted to issue stablecoins. Furthermore, it establishes a registration system for financial institutions planning to launch such digital assets, accompanied by anti-money laundering measures.A report published by Nikkei Asia earlier this year suggested that three Japanese banks, namely Shikoku Bank, Tokyo Kiraboshi, and Minna Bank, had all expressed the intention to issue stablecoins. In June, Japanese global information technology solutions company Fujitsu announced that it intended to launch a blockchain-based platform in conjunction with the Asian Development Bank.

Funding Round Sees HashKey Target Unicorn ValuationLeading financial technology company, Hong Kong-based HashKey Group, is looking to raise between $100 million and $200 million based on a $1 billion dollar company valuation that sees it take on unicorn status.According to an initial report by Bloomberg, early stage talks on the fund raise are progressing positively. It cites sources familiar with the matter in suggesting that as the fund raise negotiations progress, the terms of the offering, extent of the capital raise, and the valuation upon which its all based could change.Photo by Annie Spratt on UnsplashLeveraging a crypto-friendly environmentThe Web3 infrastructure developer and digital asset management firm has decided to take advantage of favorable conditions in Hong Kong in order to raise capital. The current business backdrop in the Chinese autonomous territory is particularly positive, and something that’s likely to make the capital raise a much easier task.Hong Kong has sought to create a crypto-friendly environment by way of both word and deed over the course of the past six months. With that being the case, it’s logical that there is tremendous opportunity for businesses like HashKey to achieve rapid growth in the nascent digital assets sector.Under the supervision of the Hong Kong regulator, Hashkey has already started to offer its services, one of only two companies (alongside OSL) to be permitted to trade in advance of the full implementation of licensing next month.While there have been some difficulties relative to banking the digital assets sector in Hong Kong, ZA Bank, Hong Kong’s largest virtual bank, has stepped up with the aspiration of banking the sector. ZA Bank is expected to facilitate crypto-fiat conversions with both of the currently licensed exchanges, HashKey and OSL, where customers can swap crypto into fiat currencies. The bank will also offer basic banking services to local web3 startups, a category that is currently underserved by traditional financial institutions.HashKey itself is cognizant of the conditions being right on the ground in Hong Kong and the opportunity that presents. Its chairman, Xiao Feng stated that Hong Kong is “very serious about building an international virtual asset center,” when speaking at the city’s Web3 Festival recently, an event that drew 13,000 attendees on its first day.Diversified service offeringThe firm’s activities in Hong Kong extend to HashKey Pro, a Hong Kong-compliant virtual asset exchange, and HashKey Capital, an investment firm. In April, the company established HashKey Wealth.This wealth management service offers investors access to a wide range of digital assets, including Bitcoin, Ethereum, and other cryptocurrencies, together with alternative investments such as decentralized finance (DeFi) projects and non-fungible tokens (NFTs).The program is designed to meet the needs of both institutional and high net worth individual investors. The investment strategies offered vary, ranging from passive to actively managed portfolios. Different risk profiles are employed to suit investors’ preferences. The program also provides a range of other services, including custody, trading, and portfolio rebalancing, to ensure that investors can manage their investments with ease.

Strategic Partnership Sees BitKeep Add Mantle Network SupportBitKeep, a Singapore-centric multi-chain wallet project, has recently formed a strategic partnership with Mantle Network, an Ethereum Layer 2 modular network developed by BitDAO.According to a tweet posted by BitKeep on Monday, the collaboration brings with it the opportunity for BitKeep users to now manage and transact their assets on Mantle Network directly through their wallets.The latest version update of the BitKeep wallet incorporates support to enable users to store, transfer, and trade on-chain assets seamlessly within the wallet. This integration streamlines the user experience and provides easy access to the functionalities offered by Mantle Network.Photo by Shubham Dhage on Unsplash10,000 USDT prize poolTo celebrate this partnership and promote the growth of the Mantle ecosystem, BitKeep has announced a campaign open to all Web3 users. The campaign features a prize pool of 10,000 USDT, adding an element of excitement for participants. Additionally, BitKeep plans to further expand the ecosystem by integrating more DApps based on Mantle Network, ensuring diverse offerings and attracting users from various angles.Although at a corporate level, BitKeep is headquartered in the Cayman Islands, leading members of its project team including Founder Kevin Como are based in Singapore.Mainnet alpha releaseMeanwhile, Mantle Network has reached a major milestone by unveiling its highly anticipated mainnet alpha. The announcement took place at the Ethereum Community Conference (EthCC) in Paris, following an extensive six-month testnet phase. Mantle Network, as the first Ethereum layer-2 chain incubated and governed by a decentralized autonomous organization (DAO), has already gained attention for its innovative approach.With its modular design, Mantle Network separates key components such as execution, data availability, consensus, and settlement into distinct layers. By employing optimistic roll-up technology and leveraging Ethereum’s network for security, Mantle Network achieves efficient transaction processing at a lower cost and higher throughput compared to Ethereum itself.This unique architecture has been validated during the testnet phase, handling over 14 million on-chain transactions and facilitating the deployment of more than 140,000 smart contracts.$200 million EcoFundThe mainnet launch also marks the activation of a $200 million EcoFund, which aims to fuel the growth and development of the Mantle ecosystem. This substantial fund will support the ecosystem’s progress, ensuring resources are available to drive innovation and attract developers.Moreover, the merger between Mantle Network and BitDAO has created the Mantle Ecosystem, a unified Web3 ecosystem led by a DAO. Under the Mantle.xyz brand, this collaboration harnesses the strengths and resources of both entities. The merger bolsters the tokenized governance system, empowering token holders to govern the use and allocation of the significant treasury inherited from BitDAO.As BitKeep integrates Mantle Network into its wallet, users can expect an enhanced experience and increased accessibility to the Mantle ecosystem. Meanwhile, Mantle Network’s mainnet launch and the activation of the EcoFund signify significant milestones that lay the foundation for continued growth and development in the DeFi space.