Mitsubishi UFJ Financial Group (MUFG) will close its blockchain payment venture due to slow profits, Japans largest bank announced on Tuesday.
Fast facts
MUFG said it is preparing to halt and liquidate Global Open Network Japan, Inc. (GO-NET Japan).
GO-NET Japan, set up in April 2019, is a subsidiary of Global Open Network — MUFGs joint venture with U.S.-based Akamai Technologies.
The Japanese financial conglomerate said the closure was mainly due to the harsh business environment amid the pandemic, and the products commercialization took longer than anticipated.
MUFGs decision comes after it earlier this month announced a plan to issue a stablecoin pegged to the Japanese yen in 2023.
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