Block Stream, a block chain technology company announced their plans to expand their partnership with a leading Japanese IT firm named Digital Garage.
Kaoru Hayashi, CEO of Digital Garage, said that the decision was made when the pick-up in interest around bit coin and bit coin technology.
Dr. Adam Back, CEO of Block Stream proclaimed that new business models will be introduced in the Japanese market which suits the Block chain technologies. With the news in store, Block Stream is planning to raise eighty million dollars from DG Lab fund, an association between Digital Garage and Japanese investment bank named Daiwa Securities Group.
Japanese inter dealer broker The Tokyo Tanshi and DG Lab share hands with Block stream to issue local currencies via block chain technology thereby entering into the Over-the-counter (OTC) crypto currency market.
Block chain and crypto currencies have captured the attention of a large number of reputed companies and institutions.
Last month, GMO Internet Inc., a web hosting company designed a block chain know your customer tool allowing easy access for the banks to verify and identify new customers. Apart from that, TEPCO, a Japanese electric utility holding company has plans to explore the technology to bring down the risks of over centralized energy sources over use cases.
Financial institutions such as Bank of Yokohama and Mizuho Financial Group are using block chain as a technology to minimize cost of money as well as asset transfers.