Switzerland-Based Financial Firm Inacta AG To Start Using Blockstream’s Liquid Sidechain For Bitcoin
Switzerland-Based Financial Firm Will Start Using Bitcoin’s Liquid Sidechain
Switzerland-based IT consulting firm Inacta AG has become an official partner of Blockstream’s Liquid Sidechain for bitcoin. The Swiss financial company confirmed the news on December 17.
Inacta is a blockchain-focused company headquartered in Zug, Switzerland, also known as Crypto Valley. As part of the announcement, Inacta also announced that it will support Liquid tokens on their Tokengate platform moving forward. Tokengate is a platform that allows companies to launch compliant token sales.
Inacta AG praised the benefits of the Liquid sidechain in its blog post announcing the news:
“Liquid, created by Blockstream which is run by the inventor of proof of work Dr. Adam Back, is the first production-ready sidechain and combines the strengths of public and permissioned blockchains. It allows issuance and transfer of crypto asset tokens such as equities, bonds and other securities in a scalable and private way using the unique Confidential Asset Technology.”
The Liquid Sidechain was launched in October 2018 as a “production ready” bitcoin sidechain. Liquid Sidechain is an inter-exchange settlement network that links cryptocurrency exchanges and institutions around the world, allowing for faster bitcoin transactions.
The Liquid Sidechain – also known as the Liquid Network allows fast, private bitcoin transactions by taking transactions to a sidechain instead of the main bitcoin blockchain. Liquid Network critics claim that this alters the main benefit of bitcoin, while Liquid Network supporters claim it will allow bitcoin to scale effectively to compete with other payment networks.
By integrating Liquid with its platform, Inacta wants to “help financial institutions to leverage the benefits of the Liquid blockchain.” Moving forward, Inacta is expected to help financial companies integrate the Liquid Sidechain into their own business processes.
“Liquid technology has also been integrated in Inacta’s Tokengate, the platform for issuing digital assets in a manner fully compliant with laws and regulations,” said Inacta in the press release announcing the news.
“This makes Tokengate the world’s first platform supporting tokens on the Liquid network.”
Inacta AG isn’t the first to adopt the Liquid Sidechain. Other Liquid Network partners include Swiss stock exchange SIX. Last week, we reported that the stock exchange had recorded record trading of its bitcoin exchange traded product (ETP) as bitcoin prices plummeted, suggesting that institutional investors were accumulating bitcoin with prices at historic lows.
Other current members of the Liquid Network include cryptocurrency exchanges, trading desks, brokers, and market makers. All of these members are enjoying benefits like rapid and private transfers, Liquid’s Issued Asset technology, secure trading, and more. The Issued Asset technology allows members to quickly tokenize traditional currencies, real world assets, and other cryptocurrencies while trading them on the network.
Despite the ongoing bear market, Crypto Valley’s biggest blockchain companies continue to churn out new blockchain technology. They’re building while prices remain low. While cryptocurrency prices have seen better days, the underlying technology continues to accelerate in terms of adoption and features. Crypto Valley appears to be leading the way, backed by forward-thinking regulation from the Swiss government and the growing hub of blockchain companies in Crypto Valley.