Three of Japan’s greatest banks have canceled a joint undertaking of a blockchain-based peer-to-peer cash switch service.
The three so-called Japanese ‘megabanks’, Mitsubishi UFJ Monetary Group, Sumitomo Mitsui Monetary Group and Mizuho Monetary Group, stated the three way partnership was a duplication of their particular person efforts. They thus noticed no must proceed, in keeping with the Nikkei Asian Review.
Per the Japanese publication, the joint initiative would have allowed their prospects to ship and obtain funds utilizing electronic mail addresses or cell phone numbers by way of digital accounts linked to their financial institution accounts.
Japanese Megabanks Companion With Fujitsu
As beforehand reported by CCN the undertaking was introduced in 2017 in partnership with tech agency Fujitsu. The Japanese tech big was liable for the event of the blockchain options.
Japan’s three Megabanks Unite on a Blockchain for P2P Cash Switch ‘Discipline Trial’ https://t.co/1dOtOnDweG
— CCN.com (@CryptoCoinsNews) October 11, 2017
In addition to a cloud-based blockchain platform Fujitsu was additionally growing a smartphone utility for the peer-to-peer cash transfers. The objective then was to have the 2 options linked to the financial institution accounts at every of the three banks.
Checks of the initiative have been performed in 2017 and there have been plans for extra complete trials final 12 months.
Mizuho and MUFG Each Creating ‘Stablecoins’ to Lower Transaction Prices
A few of the initiatives the monetary establishments are endeavor and which might have competed with the three way partnership embrace the event of digital currencies. Each Mizuho Monetary Group and Mitsubishi UFJ Monetary Group are growing their very own digital currencies respectively named J-Coin and MUFG Coin.
Within the case of Mizuho Monetary Group, the primary check of its digital forex was performed in late 2016. The monetary establishment has been endeavor the initiative in partnership with IBM Japan. Mizuho’s objective with the J-Coin is to scale back cash switch prices. The J-Coin is mainly a stablecoin with its worth pegged to that of the Japanese Yen on a 1-to-1 foundation.
— CCN.com (@CryptoCoinsNews) December 8, 2016
Mitsubishi’s MUFG coin had been introduced earlier in 2016 and identical to with the J-Coin the aim was to chop transaction prices. And equally to the J-Coin the MUFG Coin can be mainly a stablecoin pegged to the yen.
Japanese Banking Giants Additionally Members of R3 Consortium
On the time, the president of Mitsubishi UFJ Monetary Group, Nobuyuki Hirano, indicated that MUFG Coin would search to alleviate the problems bedeviling cryptocurrencies equivalent to volatility.
[Mitsubishi UFJ Financial Group plans to] overcome problems with [existing] digital currencies and create a extremely helpful forex.
Apart from engaged on their very own digital currencies the Japanese monetary establishments have additionally joined different international blockchain initiatives. Mizuho Financial institution and Mitsubishi UFJ Monetary Group are a few of the banks which have joined the R3 consortium.