Klaytn and SORAMITSU to build the future of trading
Decentralized exchanges (DEX) could be the prevailing form of trading for years to come. While they are still very much in their infancy, Klaytn is already making moves to expand the space. We will be partnering with Japanese fintech firm SORAMITSU to build our first open-source decentralized exchange!
You might be wondering — what’s all the fuss about this new collaboration? Well, it’s all about promoting decentralization and open source technologies — big reasons for the existence of blockchain technology itself. Starting next month, the SORAMITSU team is set to work on implementing a future-proof and scalable decentralized exchange backbone architecture on Klaytn’s network. Simply put, our partnership with SORAMITSU will push us to the forefront of innovation in trading.
David Shin, Head of Global Adoption at the Klaytn Foundation, says: “Next-generation financial applications are set to be an immense force in the future of Web3 and the metaverse. As such, Klaytn is excited to welcome Soramitsu as a valuable strategic partner to build the first open-source decentralized exchange on our blockchain. The project is simply a preview to more brilliant and scalable technologies to come.”
The DEX that’s set to be built on Klaytn will feature a variety of perks:
- Fungible token swapping
- Staking and liquidity provision
- Token-based governance
- And token minting, to mention a few
We will also have cool analytics tools, ranging from dashboards and graph API to see your data better. More functionalities will be considered down the pipeline.
Andrew Wong, COO of SORAMITSU Group, says “We are delighted to be working with Klaytn to deliver on the promises and possibilities of Web3 and the ongoing globalization of the Klaytn eco-system. Both SORAMITSU and Klaytn share the vision of building decentralized systems and empowering participation and opportunity for all. We’re excited to be supporting David and his team in building for that future.”
Decentralized trading is increasingly becoming an intriguing alternative to your traditional banks and centralized institutions. With more experts like Klaytn and SORAMITSU entering the space, there’s no denying what great things will transpire in the future!
About SORAMITSU
SORAMITSU is a Japanese fintech company with expertise in developing blockchain-based solutions for digital asset and identity management. Our mission is to use blockchain to promote innovation and solve pressing societal challenges.
SORAMITSU is the developer of and major contributor to the open-source blockchain platform Hyperledger Iroha, which is tailored for enterprise and public-sector use. Part of the Linux Foundation’s Hyperledger Project, the Iroha blockchain’s flexible permissions system and scalable, performant architecture suit it to digital asset and identity management in high-traffic, multi-stakeholder environments.
Utilizing blockchain, SORAMITSU has developed a digital currency for the National Bank of Cambodia, a closed-loop payment system for the University of Aizu in Japan, an identity verification system prototype for Bank Central Asia in Indonesia, we were finalists in the Monetary Authority of Singapore CBDC Challenge, and are currently participating in Asia-Pacific’s first proof-of-concept test of a cross-border, multi-currency security settlement system using distributed ledger technology with the Asian Development Bank. We have also conducted proof-of-concept tests for several major Japanese enterprises, and are active contributors to open source projects, such as the SORA cryptoeconomic system, the Polkaswap DEX, and the DeFi wallet, Fearless Wallet.
