Shinsei Bank, a recognized and important bank in Japan, has signed a Memorandum of Understanding (MoU) with ConsenSys. The main intention behind this partnership is to explore applications of blockchain technology in the financial industry. The information was released on November the 8 in a press release.
According to the press release, both companies will be working in order to bring innovation to the fintech space. The MoU also includes other participants such as Nippon Wealth and Tribay Capital.
Nippo Wealth will be also working with these companies to innovate with blockchain technology in the fintech space. At the same time, they will also be developing new products and services by implementing blockchain applications.
The press release explains that Nippon Wealth has also completed a capital injection. It did it through a third-party allocation of shares of OJBC.
During the last week, a subsidiary of the Japanese Nomura Research Institute (NRI) revealed a new blockchain alert tool. Moreover, the company has also signed a partnership with ConsenSys.
Blockchain technology is expanding in Japan. The government started to regulate the market, something that helped companies establish their operations in the country knowing that they are being compliant with local regulations. The legal framework is very friendly for companies but very strict with the things it asks for. Moreover, users and investors can be sure that they are protected at all times.
Japan is one of the most important countries in the crypto market. According to Coinhills, the Japanese Yen is the most traded currency against Bitcoin (BTC) in the whole virtual currency market. The US is the second most traded fiat currency against Bitcoin.