BitTrade and STANDAGE conducted a joint proof of concept to verify an operational flow for completing the conversion of cryptoassets into yen within hours. They plan to apply the process at a scale closer to actual operations and assess changes in the cost structure.
The companies verified the process from confirming receipt of funds to reflecting them in a yen-denominated balance. They said they plan to proceed with the proof of concept at a scale and under conditions closer to those of actual trade transactions.
The proof of concept primarily covered price differences between the time of receipt confirmation and the time of execution of the sale, the time and costs involved in converting assets to cash, and the confirmation flows for asset deposits and withdrawals and fund transfers.
BitTrade was responsible for verifying the operational flow for confirming the receipt of cryptoassets, trading them, and reflecting the proceeds in a yen-denominated balance after conversion. STANDAGE was responsible for identifying issues based on its expertise in trade operations.
The companies plan to hold a joint seminar on 15 September to present specific results from the proof of concept.