Fourth Largest Bank in the World Will Launch Its Own Cryptocurrency in 2018
January 18, 2018
The fourth largest bank in the world Japanese Mitsubishi UFJ Financial Group (MUFG) announced that it will issue its own cryptocurrency in 2018.
MUFG is the key company of Mitsubishi Group. The bank has been working on its plans since 2016 and wants to become the first bank in Japan to launch its own cryptocurrency.
The developers said that all transactions will occur instantly. Another advantage of the coin would be low transaction fees. In order to make the coin more stable, all transactions will be proceeded in its own cryptocurrency network.
MUFG intends to tie one token of the cryptocurrency to one Japanese yen. The bank hopes that it will make coins more trustworthy.