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Japan’s Top Credit Card Issuer Building Blockchain Payment System

05/18/2020

Japan-based JCB is partnering with local venture capital firm TECHFUND to create a sustainable blockchain-based transaction system.

The biggest credit card issuer in Japan, JCB, has partnered with technology accelerator TECHFUND to build a sustainable transaction system on the blockchain.

According to a May 15 statement released by JCB, the partnership will utilize TECHFUND’s expertise on security token offerings (STOs) and staking to create a new platform for transactions. Also based in Tokyo, TECHFUND has a program called ACCEL BaaS (Blockchain as a Service) which aims to accelerate the adoption of blockchain technologies for startups and enterprises.

JCB moves towards blockchain

The financial firm has made some steps towards innovative solutions to online payments. Cointelegraph reported in December that JCB was planning to adopt a new business-to-business (B2B) payment solution based on blockchain technology.

Hisashi Oki at Cointelegraph Japan contributed to this article.