Mitsubishi UFJ Financial Group is shutting down its blockchain payment network project, citing slow business growth.on Tuesday, Japan’s largest bank MUFG stated that it had already begun modalities to suspend the Global Open Network Japan blockchain payment network.as a subsidiary of GO-NET in 2019. At the time, the blockchain payment rail was billed to deliver one million transactions per second with a planned Internet of Things integration.
After three years, MUFG says the next step will be to coordinate with all stakeholders involved before liquidating both GO-NET and its subsidiary network. Detailing the reason for abandoning its blockchain payment plans, the MUFG announcement pointed to the “slow growth of payment transaction numbers” occasioned by several factors including the COVID-19 pandemic.
MUFG stated that GO-NET Japan was unable to achieve the necessary network effect required to scale the business. As such, the banking giant concluded that the project will not be able to achieve tangible commercial success within a reasonable timeframe. Despite the planned GO-NET liquidation, MUFG stated that it will continue to pursue other ventures in the emerging finance landscape. The bank
Bitcoin are dead
They will move to Ripplenet, don't have to build anything, plug and play software.
Let's see if they regret this early exit and re-enter when the barriers to entry are much higher.
Lol
Rip
Too early for Japan, banking system is still in the 80s here.
It’s too early, they will comeback soon.
Coin Coin Latest News, Coin Coin Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: Cointelegraph - 🏆 562. / 51 Read more »