Future FinTech Group, a leading blockchain based e-commerce business and a fintech service provider, announced that DCON DigiPay Limited (“DCON”), a company incorporated in Japan and a 60% owned subsidiary of the Company, has completed the upgrade of its mBTC system and technology which can now be used by e-commerce platforms that plan to accept Bitcoin (BTC) as a payment method from consumers.
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The mBTC system is a blockchain based system to exchange mBTC and BTC which has a 1,000,000:1 exchange rate pegged against Bitcoin, so it can be used by consumers in real life. Bitcoin has a very high market value and it is not practical as an online shopping payment method.
DCON originally developed mBTC as a payment platform for certain blockchain based communities and has adapted its technology to be suitable for e-commerce platforms. The mBTC is designed on the real name blockchain basis which will help its owner recover his or her funds despite the anonymous nature of BTC.
“Our unique technology for mBTC solves the main issue with BTC, which is that it is anonymous and not recoverable if lost or stolen,” said Shanchun Huang, Chief Executive Officer of the Future FinTech. “It also enables BTC and blockchain technology to serve the consumer space. We expect this technology to be used not only for e-commerce platforms but also for other payment systems that plan to use BTC. Because our technology uses the shopper’s legal name, it can also meet Know Your Customer (KYC) and Anti-Money Laundry (AML) requirements.”
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