World’s 5th Largest Bank Aims to Debut Blockchain Payment Network in 2020
Japan’s Mitsubishi UFJ Financial Group ( MUFG ) has officially announced it will launch a new blockchain -based payment system, according to a press release published on Feb. 12. The world’s fifth-largest bank is working on the project in partnership with United States content delivery network Akamai, with the […]
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Dubbed the “Global Open Network,” the platform aims to utilize MUFG’s payment industry reach to cement its standing in the increasingly competitive blockchain payments market.
MUFG and Akamai had first announced a partnership in May of last year, issuing an outline of what would become the Global Open Network and setting a launch date for the start of the 2018 fiscal year that has not been realized.
“The new payment network 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,” a press release explained at the time, adding:
“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.”