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E-money exchange rating

Mitsubishi UFJ ditches blockchain payment venture

13

Mitsubishi UFJ ditches blockchain payment venture

Mitsubishi UFJ Financial Group (MUFG) will close its blockchain payment venture due to slow profits, Japan’s largest bank announced on Tuesday. 

E-money exchange rating

Fast facts

  • MUFG said it is preparing to halt and liquidate Global Open Network Japan, Inc. (GO-NET Japan).
  • GO-NET Japan, set up in April 2019, is a subsidiary of Global Open Network — MUFG’s joint venture with U.S.-based Akamai Technologies.
  • The Japanese financial conglomerate said the closure was mainly due to the harsh business environment amid the pandemic, and the product’s commercialization took longer than anticipated.
  • MUFG’s decision comes after it earlier this month announced a plan to issue a stablecoin pegged to the Japanese yen in 2023.

Mitsubishi UFJ ditches blockchain payment venture

Source

E-money exchange rating
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