Japan’s Largest Bank will be Launching its own Cryptocurrency Exchange
January 17, 2018 8:18 am
MUFG will be launching its own Cryptocurrency called MUGF Coin
Since Bitcoin trading becomes the new mainstream in Japan, the top financial firms are stepping in to offer services to preserve their market share. MUFG, the largest bank in Japan, has planned to introduce its own exchange, a secured cryptocurrency, and bitcoin separated accounts which can be used by clients of other exchanges.
MUFG Exchange and Secured Coin
Mitsubishi UFJ Financial Group, Inc. (NYSE:MTU), the fourth largest bank in the world is planning to launch its own cryptocurrency exchange this financial year. The reports say that MUFG has already announced the Financial Services Agency (JFSA) regarding the decision of launching its own cryptocurrency.
The bank is constantly working on introducing its own cryptocurrency. The plan seems now is that through controlling the exchange where people can trade this MUFG Coin, the bank will contain revolutionary changes in its price so it can be used for shopping, settlements, and payments as well. The agency has planned to keep the new cryptocurrency to be secured at JP¥1, but it is not fixed in advance for avoiding the regulations regarding issuing and carrying such private money in Japan.
Anyhow, while MUFG only visualizes its coin used to make stable transactions in Japan, once the cryptocurrency will be launched, the wild global traders can utilize it for other uses as well. One interesting application is for it to be used in trading pairs on non-fiat exchanges instead of USTD, backed by the largest bank in Japan instead of Tether.
Bitcoin Segregated Accounts
The bank is constantly working on another service for Japanese cryptocurrency traders, MUFJ Trust – which keeps client holdings in accounts and can link to exchanges but without even sending the money to their control. As same as segregated accounts which are used to protect forex traders, this can secure the client funds at the bank in case the trading company is hacked or goes bankrupt. The service will also control accounts for unusual activity and uncommon transactions, which could get decreased for investigation instead of being processed.
The service, will be accessed through the bitcoin first and it is expected to launch in April 2018 or as soon as the JFSA accepts bitcoin as an asset and that can be trusted. According to its application for license protection, this will be the first ever trust arrangement for cryptocurrencies.
“Enjoying the protection of MUFJ Trust’s would be free of cost, but customers will feel the peace of mind knowing that a trust bank is managing their assets.”