Mitsubishi UFJ Trust to Issue Cryptocurrency for Trading Purposes and Payments

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Yuri Molchan

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Mitsubishi UFJ giant plans to launch its own cryptocurrency – again, after trialing RippleNet

Japan-based Mitsubishi UFJ Trust intends to integrate blockchain technology for settling transactions related to securities and launch its own cryptocurrency for trading payments, Nikkei Asia has reported, disclosing no details of this announcement.

Mitsubishi UFJ Bank, related to the aforementioned Trust, has been flirting with blockchain and cryptocurrencies since 2018. Back then, the financial services behemoth trialed its own crypto called Mufg among its employees. It also teamed up with Brazilian Banco Bradesco to trial RippleNet.

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In 2020, it was going to launch its own blockchain-based payment service, Global Open Network. The latter was promised to conduct around a million transactions per second and be compatible with the Internet of Things.

Mitsubishi UFJ partnered with Akamai Technologies to share investments into the platform.

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