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NOW BLOCKCHAIN PAYMENT NETWORK TO BE INITIATED BY THE WORLD FIFTH-LARGEST BANK IN 2020

According to a press release published on Feb a launch of new blockchain-based payment system has been announced by Japan’s Mitsubishi UFJ Financial Group (MUFG).  

United States content delivery network Akamai partners with the world fifth-largest bank to work on the project aiming to launch in H1 2010.

MUFG’s payment industry is aimed to be utilised by the platform “GLOBAL OPEN NETWORK” to establish a standing in the increasingly competitive blockchain payments market.

The partnership between Akamai and MUFG had been announced in May of last year, outlining about the Global Open Network and deciding a launch date for the start of the 2018 fiscal year which has not been realized.

According to a press release, the new method of payment will be a diverse payment service which will be equipped with an interface and can be used as a communications network and including functions for the transfer and management of value through blockchain.

The Press release added:

“This will allow for a significant reduction of transaction costs for all kinds of payment services and could support a large expansion in transaction numbers.”

MUFG has begun on various blockchain endeavours in recent months, among which there was also an initiative to develop a remittance corridor with Brazil using Ripple (XRP).

In fact, in May, MUFG gave a sign that it would begin trialling its own cryptocurrency probably in 2019, having originally disclosed plans for its creation in 2016.

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