Tokyo-Mitsubishi UFJ bank develops own cryptocurrency

FinTech | February 3, 2016 By:

The Tokyo-Mitsubishi UFJ Bank (MUFG) announced it is going to develop its own digital currency as part of its blockchain research.

The project bearing the name “MUFG coin” was launched last autumn. The digital currency project seeks to replicate the peer-to-peer (P2P) exchange and mobile wallet functionality inherent in bitcoin, but without relying on the bitcoin blockchain’s distributed network of miners.

Mitsubishi UFJ Financial Group had previously been revealed as a member of blockchain technology consortium R3CEV, which has enrolled 42 global banks into its program and is expanding to include non-banks.

The Bank of Tokyo-Mitsubishi UFJ, Ltd. is the largest bank in Japan. It was established on January 1, 2006, following the merger of the Bank of Tokyo-Mitsubishi, Ltd. and UFJ Bank Ltd.