Mizuho Financial Group Plans New Crypto Launch
December 28, 2018 12:27 pm
Mizuho Financial Group is looking to delve into the world of cryptocurrencies by introducing cashless payments and remittance for its clients.
As per the reports by Nikkei, the Asian media outlet, the idea behind this strategy is to change lower fees to retailers who accept payments in tokens as opposed to credit cards. This will, in turn, boost the acceptance of the technology. Funds can easily be stored in digital wallets and sending funds to other customers will be free of charge.
Nikkei has also confirmed that Mizuho was successful in bring 60 regional banks on board to promote this cashless payment facility. As per the reports, it is believed that the services by these providers will be offered under a common name, which is yet to be decided.
People will be able to manage their money through a smartphone app and will be able to make payments using QR codes. The token is a stablecoin and its price is one Yen per unit. The price is pegged to Yen so it won’t be affected by the ups and downs of the cryptocurrency market.
Notably, Mizuho is one of the largest public banking holdings in Japan. Its revenue exceeded $13 billion USD in 2017 as per the company’s reports.
Another major bank, Mitsubishi UFJ Financial Group, the largest in Japan has announced that it will be launching an MUFG coin. It seems that we will be seeing more banks launching their own tokens in the near future.