Mitsubishi UFJ ditches blockchain payment venture

Mitsubishi UFJ Financial Group (MUFG) will close its blockchain payment venture due to slow profits, Japan’s largest bank announced on Tuesday. 

Fast facts

• MUFG said it is preparing to halt and liquidate Global Open Network Japan, Inc. (GO-NET Japan).
• GO-NET Japan, set up in April 2019, is a subsidiary of Global Open Network — MUFG’s joint venture with U.S.-based Akamai Technologies.
• The Japanese financial conglomerate said the closure was mainly due to the harsh business environment amid the pandemic, and the product’s commercialization took longer than anticipated.
• MUFG’s decision comes after it earlier this month announced a plan to issue a stablecoin pegged to the Japanese yen in 2023.