GMO-Z.com and Komainu Partner to Provide Secure Custody Services for Stablecoins

03/06/2023 14:56 • Daily Digest • 68 views

On March 6, it was reported that the encryption trust company GMO-Z.com Trust Company reached a cooperation with Komainu to provide security and compliance institution-level custody services for the yen stable currency GYEN and the dollar stable currency ZUSD.

Komainu provides custody services for stable currencies GYEN and ZUSD under GMO-Z.com Trust Company

Interpretation of the news:

GMO-Z.com Trust Company, one of Japan’s leading encryption trust companies, has joined forces with Komainu, a digital asset custodian, to provide secure and compliant custody services for the yen stable currency GYEN and the dollar stable currency ZUSD.

The partnership aims to offer institutional-level security and custody solutions for the stablecoins, which are pegged to the Japanese yen and US dollar, respectively. Stablecoins are essential to the digital asset ecosystem as they offer a stable and reliable value, unlike other cryptocurrencies that are subject to high volatility.

GMO-Z.com launched GYEN in early 2020 as part of its mission to drive the adoption of digital currencies in Japan. The stablecoin was designed to provide a safe, secure, and stable currency for transactions in the Japanese market, which is traditionally cash-centric.

Komainu, a joint venture between Nomura Holdings, CoinShares, and Ledger, is a licensed digital asset custodian that offers secure storage and transfer of cryptocurrencies and digital assets. As part of the partnership, GMO-Z.com will leverage Komainu’s industry-leading custody services to safeguard the stablecoins’ assets.

The cooperation between GMO-Z.com and Komainu will allow institutional investors, exchanges, and other market participants to transact in GYEN and ZUSD with confidence, knowing that their assets are stored in secure custodian services. The partnership will also promote the adoption of stablecoins in Japan and drive the growth of the digital asset ecosystem.

The move emphasizes the growing importance of secure custody solutions for digital assets and highlights the need for regulatory compliance in the cryptocurrency space. The Japanese government has been taking progressive steps towards regulating the digital asset industry, and the partnership aligns with the country’s efforts to provide a safer and more transparent environment for digital asset transactions.

In conclusion, the partnership between GMO-Z.com and Komainu marks a new chapter in the evolution of the digital asset ecosystem in Japan. The collaboration will provide a secure and reliable infrastructure for stablecoin transactions and promote the adoption of digital assets in the Japanese market.

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