The fifth largest bank in the world by total assets Mitsubishi UFJ Financial Group is to launch new blockchain-based payment system, that promises to shake-up the crypto sector.
As the largest Japanese banking group, Mitsubishi aims to put its financial heft behind the new payment network, stating it “will be a diverse payment service equipped with an interface that can be used as a communications network, and including functions for the transfer and management of value through blockchain.”
The bank is working on the project in partnership with U.S. content delivery network Akamai and aims to launch in the first half of 2020. Both MUFG and Akamai announced a partnership in May last year by publishing an outline of what would become the Global Open Network.
“[The blockchain-based payment system] will allow for a significant reduction of transaction costs for all kinds of payment services, and could support a large expansion in transaction numbers,” a spokesperson for Mitsubishi UFJ said.
Last year, the group launched its own MUFG Coin pegged approximately to the Japanese yen.