TIS, a prominent payment infrastructure provider in Japan, has introduced a new blockchain-based multi-token platform. This initiative is a direct response to the escalating demand for enterprise blockchain solutions and is being developed in partnership with Ava Labs, the developer behind Avalanche (AVAX).
Introducing the Multi-Token Platform
The newly launched system, known as the Multi-Token Platform, leverages Avalanche's specialized infrastructure solution for enterprises, AvaCloud. Its primary objective is to facilitate the issuance, exchange, and management of stablecoins and tokenized assets, operating in compliance with Japan's Payment Services Act.
TIS intends to collaborate with various entities, including banks, private companies, and public institutions, to foster the global adoption of this innovative platform.
TIS's Strategic Move into Blockchain
TIS is the operator of the PAYCIERGE system, a significant platform that handles half of Japan's credit card transactions and processes an estimated ¥300 trillion (approximately $2 trillion) in payments annually. The company's strategic decision to integrate blockchain technology is viewed as an effort to enhance and transform traditional financial infrastructure, rather than to replace it entirely.
John Nahas, head of business development at Ava Labs, commented on this trend, stating, "Established financial institutions in Japan are turning to blockchain to upgrade the system, not replace it."
Platform Capabilities and Future Potential
The Multi-Token Platform has been engineered to meet the rigorous security and performance requirements characteristic of the Japanese financial industry. It boasts a substantial transaction capacity of 50,000 transactions per second and offers instant settlement capabilities.
Nick Mussallem, CEO of AvaCloud, expressed his belief that the project's success could establish the bedrock for Japan's digital finance infrastructure. The platform is designed to support real-time payments, facilitate embedded finance solutions, and, in the future, serve as a testing ground for central bank digital currency (CBDC) initiatives.
Isao Otokita, Executive Director of TIS, affirmed the company's commitment: "We will work in collaboration with financial institutions, companies and public institutions to promote the global adoption of this next-generation financial infrastructure, based in Japan."