JCB and TECHFUND have announced their collaboration and partnership to create a blockchain platform that facilitates financial payments as well as offering other solutions to enterprises.

Blockchain technology has become one of the technologies that traditional financial institutions are looking at and moving in their direction.

This is what JCB and TECHFUND are trying to move towards, as Japanese credit card giant JCB has teamed up with local startup accelerator TECHFUND to create a sustainable blockchain-based payment processing platform.

What Blockchain Solution TECHFUND Offers:

According For the official announcement made by JCB last Friday, May 15th, JCB will benefit from TECHFUND’s expertise in Security Token Offerings (STOs).

Read:Bitcoin Arab announces the second episode of Ramadan evenings to learn the basics of technical analysis

As startup accelerator TECHFUND has already been working on some blockchain initiatives in the past, the company has enabled many startups to create blockchain applications based on Ethereum, Neo, NEM…

TECHNFUND has its own program called “ACCEL BaaS”, this program aims to promote the adoption of blockchain technology for new enterprises and start-ups.

From the official announcement of TECHNFUND:

We are currently focused on supporting blockchain and STO projects, and we are also working on developing and providing Blockchain as a Service through the ACCEL BaaS program, which also accelerates the development of applications for startups and blockchain companies.

JCB and TECHFUND aim to contribute to a better society by studying solutions to problems in the region.

JCB is one of the largest credit card companies in Japan. Besides, JCB also has a presence in 23 countries around the world. Previously, JCB has done many blockchain initiatives, for example, in December 2019, it partnered with “Paystand” in US B2B Payments System.

JCB has also partnered with Singapore-based company Keychain to develop a blockchain geared for institutional use for identification, data security, and secure workflows.

Read:Italian club Juventus signs agreement with a blockchain-based gaming platform

The race of companies pushing towards blockchain technology:

JCB is not the only and first player to benefit from a blockchain-based payments system.

Payment processing giant Visa recently filed a new patent that we touched on on the Arab Bitcoin website:

Visa Files New Patent Related to Blockchain for Digital Dollars

Read also:

CEO of “Visa”: Bitcoin outperforms traditional currencies in these aspects