For trading and payments, Mitsubishi UFJ Trust will issue cryptocurrency

According to Nikkei Asia, Japan’s Mitsubishi UFJ Trust plans to use blockchain technology to settle securities transactions and develop its own cryptocurrency for trading payments.

Since 2018, Mitsubishi UFJ Bank, a subsidiary of the Trust, has dabbled in blockchain and cryptocurrency. In the past, the financial services giant tried out its own cryptocurrency dubbed Mufg with its employees. To test RippleNet, it partnered up with the Brazilian Banco Bradesco.

Global Open Network, a blockchain-based payment service, was expected to be launched by the company in 2020. A million transactions per second were promised, and it was also said to be able to work with other smart devices connected to the Internet of Things.

MUFG UFJ and Akamai Technologies have formed a joint venture to invest in the platform.

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