- Mitsubishi UFJ (NYSE:MUFG) Financial Group is set to launch its digital asset wallet.
- The finance giant earlier announced that it is suspending its blockchain venture following its slow growth.
- Ukrainian NGO received $3 million worth of Bitcoin from a single donor in support of the country after Russia’s invasion.
Mitsubishi UFJ Financial Group (MUFG), one of the giants in the financial industry in Japan, has announced that it will be introducing its “digital asset wallet” and suspending its blockchain payment venture.
In a press release written in the country’s dialect, MUFG is planning to create its wallet capable of storing and transacting “blockchain-powered digital assets” and NFTs. This venture will focus on utility tokens and the securities tokens market.
Product of the financial giant’s trust banking arm, Mitsubishi UFJ Trust and Banking Corporation, the project will be called ProgmatUT. The idea to issue this project was teased earlier this month.
The company revealed the crypto wallet would employ utility tokens to enable users to store a variety of digital assets such as stablecoins and security tokens. MUFG will also introduce a new blockchain protocol that they claimed would become the “first asset-backed security token in Japan.”
The blockchain network is planned to be released next year, along with “multiple public offerings.” Moreover, MUFG is “planning to issue Japan’s first trust-type stablecoin – the Program Coin.”
ProgmatUT is hoped to be in its Beta version later this year.
Meanwhile, MUFG’s high-speed blockchain payment GO-NET Japan will seize its operations due to the uneventful growth in transaction numbers caused by the global health crisis. The company struggled to expand the network at the pace initially planned.
In addition, GO-NET Japan struggled to be incorporated in the Internet-of-Things (IoT) market. MUFG added that “the business is not expected to be able to achieve profitability in a reasonable time frame.”
Nevertheless, MUFG’s activity in the blockchain and digital currency industries is well and alive.
In other news, a Ukrainian NGO has received $3 million worth of Bitcoin from a lone donor. This comes after crypto donations started pouring in to support the embattled nation after the Russian invasion. In total, Ukraine has already surpassed its $4 million crypto donations.