Saturday, May 28, 2022

Japan’s SBI BITS Joins nChain to Develop Secure Systems and Grow Bitcoin Cash

Japan’s SBI BITS Joins nChain to Develop Secure Systems and Grow Bitcoin Cash

Japan’s SBI BITS, a cryptocurrency-oriented subsidiary of SBI Holdings, has a new partnership with nChain to collaborate on “cryptocurrency security and growth initiatives”. It will focus especially on Bitcoin Cash.

Also read: Lightning Strikes: Watch Bitcoin’s First Multihop LN Transaction on the Mainnet

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SBI BITS and nChain to Develop Secure Cryptocurrency Systems for Enterprise, Consumers

U.K.-based R&D firm nChain is also famous for its chief scientist, Dr. Craig Wright.

SBI BITS logoAccording to a joint announcement, nChain and SBI BITS will focus first on developing a “next-generation advanced secure wallet system” for both institutions and consumers.

SBI BITS will provide development and financial services expertise, while nChain will provide intellectual property and proprietary research materials.

Representative Director, President and CEO of SBI Holdings Yoshitaka Kitao said cryptocurrency investors and users at all levels need strong security, if it’s to transform the world.

Partnership Will Focus on Bitcoin Cash

The joint statement continued that the two firms will focus on developing systems for Bitcoin Cash, but will support various cryptocurrencies.

Both SBI Group and nChain Group share a commitment to massive on-chain scaling of the bitcoin network, in order to create a network that powers faster transactions with low fees, makes confirmation times reliable once again, and achieves enterprise-level capabilities.

It took a swipe at Blockstream and Bitcoin Core (though without naming the two groups directly), calling the 1 MB block limit on Bitcoin “artificial”.

They believe that the Bitcoin Cash chain reflects this vision better than the original bitcoin chain (because Bitcoin Cash has a larger initial default block size of 8 MB, compared to the artificial 1 MB block limit on the original Bitcoin chain, and has plans to lift the block size even further with appropriate testing). Although SBI Group’s new ecosystem will support various cryptocurrencies, it will allocate resources to supporting Bitcoin Cash.

Both Kitao and nChain Group CEO Jimmy Nguyen went on to say they believe Bitcoin Cash represents Satoshi Nakamoto’s original Bitcoin white paper vision. Nguyen added “Bitcoin Cash is the true Bitcoin”.

Bitcoin Cash Getting a Big Push in Japan

Bitcoin Cash logoWith coordinated merchant adoption campaigns and new meetup groups, there seems to be a push underway for Bitcoin Cash in Japan in particular.

SBI BITS’ parent company SBI Holdings and its subsidiaries been involved with Bitcoin for over a year now. In October 2017 announced it would acquire cryptocurrencies by sales and mining directly — for use in remittance, trade finance and payments.

It has also invested in exchanges bitFlyer and Kraken, and also joined with Ripple in 2016 to form SBI Ripple Asia.

SBI BITS formed in 2015, with a mission to handle SBI’s fintech strategy.

What do you think this partnership will produce? Let’s hear your thoughts.

Images via SBI BITS, Jon Southurst

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