Mitsubishi UFJ Financial Group (MUFG) will close its blockchain payment venture due to slow profits, Japan’s largest bank announced on Tuesday. 

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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 — MUFG’s 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 product’s commercialization took longer than anticipated.
  • MUFG’s 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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