CROSSTECH is pleased to announce a business alliance with Regalo Corporation, a company issuing gold and gift certificates as a registered prepaid settlement method provider.
This partnership is aimed at launching a BaaS platform business facilitating Web3 development operations centered on the digitization of gold certificates, gift certificates, and assets using NFTs. Through this partnership, CROSSTECH will develop an NFT issuance system for prepaid payments and jointly develop a blockchain-based Web3 development platform.
(1) CROSSTECH is developing an autonomous decentralized storage integrated public blockchain (CROSS Value Chain) and blockchain system development using Japan-originated autonomous decentralized technology.
(2) Regalo Corporation has obtained a third-party prepaid means of payment (registration number: Kinki Finance Bureau No. 00268) and issues digital money certificates and gift certificates.
(3) With the growing awareness of and expectations for Web3, demand for NFT gold certificates, NFT gift certificates, and asset-backed NFTs using third-party prepaid means of payment is increasing.
(1) Development of NFT issuance system for prepaid settlement
(2) Joint development of a blockchain-based web3 development platform
(3) Discussions on future capital alliances
NFTs are characterized by the ability to record physical assets and contents on the blockchain and issue them as a one and only digital proof, to which various utilities can be added. Currently, the standard for handling NFTs (Non-Fungible Tokens) circulating in Japan and globally is unclear as to whether they are physical objects or financial instruments. In order for the NFT market to grow in a healthy manner, it is necessary to develop a platform which can handle NFTs with utility. NFTs are expected to operate securely under the laws of crypto assets, funds clearing, and securities.
(1) Requires specialized knowledge for NFT issuance
(2) Diversification of NFT issuance methods due to the diversity of NFT utility nature.
(3) NFTs with utility nature are beyond the category of objects and may be subject to the legality of the Funds Settlement Act and Securities Act.
(4) NFTs not created with proper smart contracts may cause system bugs.
(5) There are many NFTs out there with malicious smart contracts, and handling those NFTs in wallets may cause them to be subject to hacking.
This business alliance will utilize the fund settlement license to solve issues related to NFT issuance and develop a global, highly reliable BaaS (Blockchain as a Service) platform which can be used worldwide in accordance with Japan's Web3 strategy and deployed globally. This platform will enable users to easily build applications and services on the blockchain without requiring a high level of expertise. Providing a development platform that complies with Japan's high standards of crypto asset-related laws. We believe demand for such a platform is growing globally and will enable us to develop a highly profitable business.
Through this business alliance, CROSSTECH aims to establish a platform for the issuance of digital NFT money certificates and digital NFT gift certificates which can be exchanged for goods and services in accordance with regulations, with no code.