Mitsubishi UFJ Financial Group tests own digital coin

Posted 03 September, 2018

Financial giant Mitsubishi UFJ Financial Group (MUFG) is said to start in-house testing of its own digital coin. 

According to the local media, employees in the Tokyo-based office can now make payments with MUFG Coin. Specifically, the process goes as follows: a cashier uses special cash terminal to scan QR-code on employees' smartphones.

Besides, the new coin can be exchanged into Japanese yen at 1:1 rate within the company.

According to the company, with the testing, they will be able to detect trouble areas faced by buyer/seller in terms of crypto payments.

Besides, MUFG is considering a crypto reward system for its employees which lead a healthy lifestyle.

For reference, MUFG capital is estimated near $2.76 trillion. The company started working on its own digital coin in 2015, with pilot tests announced last year. The MUFG Coin public launch is expected in early 2019. One more crypto service will be aimed at traders – MUFG Trust is said to allow trading without a need for passing money under control of the exchange.

It is worth mentioning that the company is thinking over its own crypto trading platform. For that purpose, it has filed the application to the regulator.

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04 September, 2018 11:54

← Bittrex announces delisting of Bitcoin Gold

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Bittrex announces delisting of Bitcoin Gold

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03 September, 2018 14:02

US dollar stays steady on persisting trade fears →

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