Settlement Network Zero Hash Partners with Japanese Titan GMO Internet to Offer Instant Settlement in JPY and USD with Stablecoins
Eliminates the typical bottlenecks associated with moving and settling JPY for institutions
NEW YORK — April 14, 2020 — GMO-Z.com Trust Company, Inc. (“GMO Trust”), the New York-based, regulated stablecoin subsidiary of Japanese Internet and financial services conglomerate GMO Internet Group (“GMO”), and Zero Hash Inc. (“Zero Hash”), a leading fiat and digital asset custodian and settlement provider, today announced its partnership to bring “GYEN”, the world’s first regulated Japanese yen (JPY) stablecoin, and “ZUSD” to Zero Hash’s settlement network.
Zero Hash = SigNet/SEN for Multicurrency Fiat and Stablecoins
24/7/365 Payments and Instant Settlement
Zero Hash, through its proprietary technology and extensive banking partnerships, offers a settlement network in which multiple fiat currencies can be combined with any supported digital asset product pair. Expanding on the capabilities of Signature’s SigNet and Silvergate’s SEN networks, Zero Hash can enable real-time transfer in JPY and USD 24 hours a day, seven days a week, 365 days a year. Transactions conducted on Zero Hash settle real-time via a ledger mechanism, in FDIC-insured bank accounts and digital asset wallets. These services are available now to Zero Hash’s institutional customers via its suite of settlement and banking APIs.
An Industry First for JPY
Zero Hash to Accelerate JPY Funding and Settlement
GMO Trust’s GYEN and ZUSD stablecoins will be supported on Zero Hash’s settlement network, allowing Zero Hash’s network of customers to not only fund and withdraw with digital JPY anytime, but also settle instantaneously with digital JPY. What this means is the same speed, efficiency and availability enabled by Signet/SEN for USD will be available in JPY, eliminating the typical bottlenecks associated with moving and settling with JPY. In many instances, cross-border JPY transfer and settlement can take days to weeks with current financial rails — this will be a problem of the past with Zero Hash.
“Many of the institutional counterparties we speak with express frustration over transaction times when dealing with JPY, and in partnership with Zero Hash, we set out to solve this problem,” said Kurt Bierbower, GMO Trust’s SVP of Business Development. “Zero Hash enables institutional trading firms, market makers and other counterparties on their network to experience incredible speed and efficiency for JPY funding, settlement, and leveraging their banking network and our stablecoins.”
“Zero Hash has built a powerful funding, trading and settlement solution to drastically accelerate the settlement of these new Finance 2.0 transactions,” said Zero Hash CEO Edward Woodford. “We are excited to highlight our deepening partnership with GMO Trust through this regulated stablecoin offering.”
Please note that due to regulatory restrictions, GYEN and ZUSD will not be offered to Japanese residents.
About GMO Internet Group and GMO Trust
GMO Internet Group, based in Tokyo, is a global market leader in the Internet infrastructure, Internet finance and the digital asset space since its inception in 1991. It operates the world’s largest online FX trading platform, an Internet bank, a cryptocurrency exchange, a cryptocurrency mining operation, a payment gateway and a regulated stablecoin. GMO Internet, Inc. (TSE: 9449) is headquartered in Tokyo, Japan. For more information, please visit https://www.gmo.jp/en/.
GMO Trust, based in New York, is a limited purpose trust company, regulated by the New York Department of Financial Services. Issuing the world’s first regulated JPY stablecoin “GYEN,” GMO Trust also offers a USD stablecoin “ZUSD.” GMO-Z.com Trust Company is on a mission to bring traditional finance into the digital age with blockchain services. For more information on GMO-Z.com Trust Company, Inc., visit https://stablecoin.z.com/.
About Zero Hash
Zero Hash’s mission is to empower innovators by delivering access to the financial system 2.0. Zero Hash enables developers and businesses to focus on building experiences and products. We power your favorite brokerage app or neo bank to offer BTC, provide the rails to the 2.0 payment processors, give platforms the ability to facilitate instantaneous cross border payments and eliminate complexity for moving assets for the world’s largest liquidity providers.
Zero Hash provides the complete turnkey solution to allow platforms to launch digital assets and own the client experience, without any regulatory overhead and a light technical lift (a matter of API endpoints). Zero Hash’s clients include Neo-banks, broker dealers and payment groups. Zero Hash is a FinCen-registered Money Service Business as well as a regulated Money Transmitter that can operate in 51 US jurisdictions. Zero Hash is also regulated as a Canadian MSB.
Zero Hash was voted Innovator of the Year by the 2019 Profit & Loss Readers Choice Awards.
GMO-Z.com Trust Company, Inc.