Mitsubishi UFJ Financial Group Launches Own Cryptocurrency in 2018

Mitsubishi UFJ Financial Group logoCryptocurrency has taken center stage over the last year, with individual investors, financial experts, and major financial institutions all adding their opinions as well as predictions for the future. Digital currencies like Bitcoin are known best for their impressive run-up in value over a short period of time, but with that comes waves of volatility many consumers and investors find distressing. Even with the doubts surrounding the viability of cryptocurrencies in the market, major players in banking and payments are taking advantage of the perceived opportunity.

The Offer

In fiscal year 2018, one of Japan’s largest banks, Mitsubishi UFJ Financial Group (MUFG) plans to launch a cryptocurrency exchange to the masses. On the exchange, customers will have the opportunity to purchase the financial institution’s digital asset, known as MUFG coin. In its press release, Mitsubishi UFJ reps stated that the virtual currency would be sent and received via mobile applications as a means to transmit almost immediate peer-to-peer money transfers and payments. The bank intends to positively impact the fees associated with making payments to individuals and retailers, reducing them compared to other digital payment options currently on the market.

The MUFG coin, available in token form, is still under development and so not yet up for purchase or use in any market. However, the financial institution believes that the coin will have a relatively stable value compared to other cryptocurrencies because it will maintain control over generation and distribution. The coin is predicted to have a value that same as one yen, per token. MUFG coin is based on well-known blockchain technology and has been in development since 2016.

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About Mitsubishi UFJ Financial Group

Mitsubishi UFJ Financial Group is the fourth largest financial institution in Japan, but its subsidiary MUFG Union Bank, also known as Union Bank, operates in the United States across California, Washington, and Oregon. Along with future cryptocurrency exchanges, the financial institution also offers commercial and personal banking and lending to its customers.

Contact Information

Those interested in the cryptocurrency exchange launching in the upcoming year can visit Mitsubishi UFJ Financial Group online to gather more information.

Posted on February 2, 2018 by in Personal Finance,

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