World’s Fourth Largest Bank is Testing its Own Cryptocurrency

Japan’s biggest lender, Mitsubishi UFJ Financial Group (MUFG), is planning a new ‎cryptocurrency called MUFG Coin, which promises to create a borderless shopping ‎experience, according to local news outlet NHK.‎

The company is also said to be investigating other ways to leverage ‎the tokenized digital currency and its underlying Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term technology ‎across its banking services.‎

The new coin is reportedly allowing the customer base to purchase goods and services ‎from “restaurants, convenience stores, and other shops, as well as make transfers ‎to the accounts of other participants.” ‎

The move comes nearly one year after the banking giant ‎has joined the blockchain-based “utility settlement coin” (USC) project, ‎‎becoming one of the more noteworthy firms in the Asia-‎Pacific ‎region to hop on the cryptocurrency bandwagon.‎

Scheduled to go live in late 2018, the USC aims to help central banks ‎create their native cryptocurrencies by making it easier to ‎process and finalize transactions using collateralized assets on a custom-‎built blockchain.‎

The world’s fourth-largest bank by assets and the largest non-Chinese lender is planning a ‎large-scale trial involving nearly 100,000 account holders.‎

Within that context, MUFG Securities, its securities subsidiary, has been working ‎more closely with Ripple’s interbank group Global Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term Steering Group ‎‎(GPSG). This collaboration intends to test moving real funds over RippleNet – Ripple’s enterprise blockchain network.‎

The new initiative will be exploring many different applications, and the exchange rate of one MUFG coin will be equal to one yen.‎

Like many other companies, MUFG is exploring ways to leverage the power of blockchain technology.‎ A similar attitude toward digital currencies has been ‎developing recently with many tech giants already ‎announcing trial runs of prototype cryptocurrencies, ‎which could serve as rivals to the likes of Bitcoin and ‎Ethereum.‎