Bifrost, a cross-chain network operated by blockchain technology company PiLab Technology (CEO Park Do-Hyeon), announced on the 26th that it has made a strategic investment in Japan's blockchain project, Japan Open Chain (JOC). This move marks Bifrost’s commitment to expanding its ecosystem within Japan, as well as fostering global Web2 companies' entry into the Web3 market through its cross-chain technology.

The investment aims to facilitate the practical development of a blockchain ecosystem by utilizing Bifrost’s cross-chain solutions to enable interoperability and enhance JOC's capabilities. Bifrost will also provide technical support to improve JOC’s cross-chain operability, distribute various decentralized applications (DApps) across the JOC network, and integrate its bridging technology with JOC.

Additionally, the two companies have agreed to collaborate on joint marketing initiatives to enhance brand recognition and maximize value within their respective markets. Specific marketing strategies and schedules will be revealed in future official announcements.

JOC is a Layer 1 blockchain project, compatible with Ethereum, that supports Japan’s blockchain infrastructure, including a Yen-based stablecoin system. Known for its secure, fast, and low-cost transactions, JOC is recognized for accelerating blockchain adoption in Japan. JOC’s extensive partnerships include major corporations such as Sony Group, NTT Docomo, Fujitsu, and Dentsu, and it has built a comprehensive Web3 infrastructure compliant with both domestic and international regulations.

PiLab Technology CEO Park Do-hyeon stated, “The true significance of this investment lies in the fusion of Bifrost’s DeFi service, BTCFi, with JOC’s Yen-based stablecoin infrastructure. Together, we aim to drive the activation of the stablecoin market in Japan.” He further added, “Our top priority is ensuring that stablecoins are widely utilized across Japan’s financial services, from payments to remittances.”

Sayart / Kang In sig, insig6622@naver.com