Bit Trade, STANDAGE Collaborate on Cryptocurrency Trade Finance Experiment
Japan's Bit Trade and STANDAGE have announced a joint proof-of-concept experiment to explore the use of cryptocurrencies in trade finance. The two companies will work together to verify the practical challenges of using digital assets in this sector.
The experiment will focus on the process of confirming cryptocurrency deposits, executing spot trades, and converting the proceeds into Japanese yen. Bit Trade has identified several key areas for investigation, including the time required for currency exchange, price differences between deposit and sale times, and the costs associated with converting cryptocurrencies to fiat currencies.
STANDAGE will be responsible for organizing the challenges and operational issues related to using digital assets in trade finance, while Bit Trade will verify the operational flows related to cryptocurrency deposits, spot trades, and currency exchange. The experiment is expected to provide valuable insights into the potential of blockchain technology and cryptocurrencies in trade finance.