PRESS RELEASE
Tuesday, June 23, 2020


SORAMITSU to build Polkaswap — a fast decentralized exchange for the Polkadot ecosystem


Soramitsu Helvetia AG (Zug, Switzerland; hereafter SORAMITSU), a boutique blockchain company that delivers state-of-the-art blockchain solutions, is starting work to contribute to the open-source code base for Polkaswap (www.polkaswap.io), a decentralized exchange to provide the Polkadot ecosystem with a fast and efficient, self-custodial token swapping infrastructure.


The new exchange will utilize Hyperledger Iroha v.2 and will allow atomic, cross-chain swaps using the XClaim interoperability protocol to tackle the issues common for many decentralized exchanges—slow trading and inconvenient interfaces.


In Stage 1, Polkaswap will become a part of the Polkadot ecosystem via the Sora Network, which is a blockchain network that is being set up that will use Hyperledger Iroha v.2 technology, and also connect to Polkadot via a bridge. In the future, bridges to other blockchains are also possible.


SORAMITSU—a company contributing to the open source code base of Polkaswap— was founded in 2016, in Tokyo, Japan and now, four years later, has blockchain projects and a group of related companies all around the globe. SORAMITSU creates next-generation fintech solutions for businesses, universities, and governments, understanding the needs of both enterprise use cases and blockchain enthusiasts.


Creating solutions for enterprises is not the only focus of SORAMITSU, but also developing open-source technologies that everyone can benefit from, such as the Hyperledger Iroha project we are proud to help to maintain, Kagome (C++ implementation of Polkadot Host), FUHON (C++ implementation of the Filecoin protocol), and Sora (https://sora.org), a decentralized economic system for the world.


Polkaswap is an open-source project that anyone can contribute to on Github (https://github.com/sora-xor/polkaswap-web). Polkaswap is being created with the help of a Web3 Foundation Grant. Web3 Foundation funds research and development teams building the technology stack of the decentralized web. It was established in Zug, Switzerland, by Ethereum Co-Founder and former Chief Technology Officer, Dr. Gavin Wood. Polkadot is the Foundation's flagship project.


"SORAMITSU started collaborating with Web3 Foundation in 2018, with the Kagome project. We are honored to be chosen as one of the contributors to Polkaswap, as it is a logical and obvious piece of key infrastructure for the Polkadot ecosystem," says Makoto Takemiya, CEO of SORAMITSU Holdings.


"SORAMITSU is a longstanding contributor of key development work and was one of our very first grant recipients. We greatly value the contributions they've made through the Kagome project and are very excited that they've chosen to build a business in our ecosystem," said Dieter Fishbein, Head of Ecosystem Development for Web3 Foundation.



SORAMITSU's previous work with Web3 Foundation on Kagome, the C++ implementation of Polkadot Host, helped introduce SORAMITSU to the Polkadot ecosystem and the community. SORAMITSU is proud to have contributed to Polkadot, as new implementations increase the robustness of the system and brings everything one step closer to a truly decentralized web.


Moreover, technologies developed in Kagome complement many SORAMITSU projects, increasing their interoperability and opening new possibilities for future solutions. Polkaswap will be another step forward in connecting the Hyperledger Iroha ecosystem, that we have been maintaining since 2016, to Polkadot.


You can find all of SORAMITSU's projects at www.soramitsu.co.jp/ and follow us on Twitter, LinkedIn, and Facebook, and Polkaswap's Twitter. Learn more about Web3 Foundation by visiting www.web3.foundation. To learn more about Web3 Foundation's latest developments, such as Kusama, join them on Reddit or Twitter.



PRESS ENQUIRIES

Press Contact: Makoto Takemiya
Email: info@soramitsu.co.jp

Soramitsu Helvetia AG
Dammstrasse 16,
6300 Zug, Switzerland
TEL: 03-6635-2705

For more info, visit www.soramitsu.co.jp