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Cryptocurrencies

Large Japanese bank plans to launch blockchain payments network in 2020

Thursday 14 February 2019 | 10:20 AM CET

Mitsubishi UFJ Financial Group (MUFG), a large Japanese financial group, has announced plans to launch a blockchain-based payments network in 2020.

According to CoinDesk MUFG is considered the world’s fifth largest bank by assets and to develop the platform is has partnered with US-based fintech company Akamai Technologies. The new venture launches with capital of USD 2.26 million, with MUFG having an 80% stake and Akamai the remaining 20%.

Called the Global Open Network, the system will be capable of processing over a million transactions per second, MUFG claimed. Moreover, the companies are also looking to integrate internet of things (IoT) and Akamai’s cloud computing platform into the network.

The planned network was initially announced back in May 2018. At the time, Akamai said that the network will provide a number of services, including current payment processing, pay-per-use, micropayments and “other developing IoT-enabled payment transactions”.

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