Business alliance for smart contract settlement
Slash Fintech Limited, which develops and operates the crypto asset (virtual currency) payment service “Slash Web3 Payments”, SB Payment Service Co., Ltd., and CAICA Exchange Co., Ltd. announced a business alliance on the 16th.
The two companies will work together on related initiatives, such as jointly considering planning, development, and operation of smart contract payments in the Japanese market.
SB Payment Service Co., Ltd., a subsidiary of SoftBank, is a company that operates various payment services such as PayPay and credit card-related businesses. Kaika Exchange (a crypto asset exchange company) operates the domestic cryptocurrency exchange Zaif.
The three companies define smart contract settlement as “a settlement mechanism that enables efficient and secure payments on the blockchain.” He explained that even in Japan, various businesses are expected to open up new possibilities using smart contract payments.
What is a smart contract
It refers to a mechanism that automatically executes a contract according to pre-programmed conditions. Ethereum is a typical blockchain that implements smart contract functions. When concluding a contract, there are many cases where clerical work such as intermediary and contract writing is required, so by enabling automatic contract execution, efficiency improvement and cost reduction can be expected. .
Seeing the future of smart contract payments
The three companies also point out that it is important to build a business framework based on legal regulations and a sales network specialized for each market in order to support the spread of smart contract payments.
We will work together to create a business environment with growth potential. He also said that they would like to work together to reach out to a wider audience to deepen their understanding of smart contracts.
As a background, as the Web3 business grows in the industrial world, it is expected that the demand for smart contract settlement will also increase.
Slash (@slashweb3), SB Payment Service (https://t.co/fslqEFynU0), Zaif (@zaifdotjp) have signed a business alliance agreement to promote the spread of payments using smart contracts in the Japanese market. https://t.co/XLfFvxbqnF… pic.twitter.com/26WRHV8dII
— SHIN 🐸 Slash Vision Labs (@SATOSHINSUKE11) May 16, 2023
According to Shinsuke Sato, CEO of Slash Fintech Limited, specific services and initiatives between the three companies will be announced at a later date, but they are vigorously promoting the construction of services.
The three companies also mentioned that they have been discussing the social implementation of smart contract payments and have aimed to develop a mutual ecosystem.
Kaika Exchange and Slash Fintech Limited had just started a business partnership in December last year. It was said that they will jointly consider planning, development, sales operations, and operations for virtual currency payment services that can be used on EC sites and physical stores in Japan.
connection: Cryptocurrency payment “Slash” partners with domestic cryptocurrency exchange Zaif
Slash Web3 Payments (commonly known as “Slash”), operated by Slash Fintech Limited, is an automatic exchange solution that allows users to pay with various tokens on Web3 wallets.
Automate the cryptocurrency conversion process by connecting to decentralized exchanges (DEX) with smart contracts. Merchants can convert virtual currency payments into Japanese yen, stablecoins, etc. and receive them in their digital wallets.
LDP Web3 Whitepaper
In Japan, the web3 project team of the Liberal Democratic Party Digital Society Promotion Headquarters released the “web3 white paper (draft)” in April.
This is a summary of issues that should be discussed and deepened for the future spread of web3. He says that we should prepare for an era in which everyone naturally owns and exchanges wallets and digital assets, and he also makes proposals on tax system revisions.
connection: Liberal Democratic Party web3PT publishes proposals on taxation of virtual currency transactions
connection: Global Web3 conference “WebX”, Prime Minister Fumio Kishida scheduled to make a video presentation