Mitsubishi UFJ Financial Group (MUFG), Japan’s largest financial conglomerate, blockchain announced that it was suspending the payment project.
MUFG said in a statement that it was developed in collaboration with Akamai Technologies. blockchain based online payment network Global Open Network Japan ( GO-NET Japan) announced its closure.
Launched in April 2019, GO-NET Japan “Due to the slow pace of payment transactions due to the impact of the COVID-19 pandemic, complicating the scale development originally planned” said to be closed.
MUFG said in a statement that the closure is not expected to have a significant impact on MUFG’s financial results for the current fiscal year, and said:
“As a result, GO-NET Japan is not expected to achieve profitability in a short period of time. In this context, it was concluded that it would be appropriate to suspend its activities.”
To achieve their goals in the MUFG statement “will continue to accelerate digital transformation as its core strategy to become a leading business partner leading the future with its financial and digital capabilities” said.
The company recently added that it continues to discuss further cooperation opportunities with the US internet company Akamai to use the latest technologies based on the experience gained from the GO-NET project.
In addition, Mitsubishi UFJ Trust, a branch of Mitsubishi UFJ, also announced plans last month to issue a yen-pegged stablecoin as a means of payment to enable instant resolution of security transactions.