Big Japanese Bank Launch Own Coin, Exchange And BTC-trust

Mitsubishi UFJ Financial Group has already submitted a relevant application to the Japanese Financial Services Agency
17 January 2018   767

Mitsubishi UFJ Financial Group (MUFG) plans to launch its own crypto exchange, coin, backed by the national currency and the service of separate bitcoins-accounts for clients of other sites. This is reported by Mainichi.

According to the publication, MUFG has already submitted a relevant application to the Japanese Financial Services Agency (FSA). The launch of the exchange is planned in this fiscal year.

Also, the bank is going to issue its own MUFG Coin, which initially will be backed up by the Japanese yen and tied to it in a one-to-one ratio, but subsequently the coin rate may change. According to bankers, this approach will help to smooth out the sharp price jumps, so customers will be more willing to use it for everyday purchases and other calculations.

In addition, the bank is working on its own service for crypto-currency traders called MUFG Trust, which will allow trading without the need to transfer their funds under the control of exchanges. This should protect customers' money in case of hacking or bankruptcy of sites. The service will also monitor and flag suspicious activity on the account.

At first, MUFG Trust service will be available only for bitcoins. The launch is scheduled for April 2018 or as soon as the FSA recognizes bitcoin as an asset that is allowed to be placed under trust management. In addition, for the use of MUFG Trust services, traders will be charged a commission, however, "customers will be calm knowing that their assets are under the control of the trust," added the executive director of the Bitbank Tokyo Stock Exchange, Noriyuki Hirosue.

Fidelity Investments to Launch BTC & ETH Platform

New platform is designed for institutional investors
16 October 2018   195

One of the world's largest asset managers, Fidelity Investments, announced the launch of a unit focused on providing institutional investors with Bitcoin and Ethereum services. The Forbes reports.

The new division received the name Fidelity Digital Assets and, possessing a staff of 100 employees, will provide a platform for trading cryptocurrencies and consulting services 24/7.

The platform already has first customers, but its launch for a wider range of investors is scheduled for the beginning of 2019.

This is a recognition that there is institutional demand for these assets as a class. Family offices, hedge funds, other sophisticated investors are starting to think seriously about this space.
 

Tom Jessop

Founding head, Fidelity Digital Assets

In particular, Fidelity Digital Assets will offer a transaction service that, using internal cross-connect and order routers, will trade through third-party liquidity providers.

One of the most popular offers by the company can also be a service for storing Bitcoin and other cryptocurrencies. It is physical storage, distributed in different geographical locations and offering the so-called "cold" storage of digital assets. This way of storing cryptocurrencies without access to the Internet and with a multi-level control system is considered to be one of the safest and most resistant to hacking today.

As the CEO of Fidelity Investments, Abigail Johnson, said, the goal of the new platform is to make digital assets like Bitcoin more accessible to investors.

Fidelity Investments is considered the fifth largest asset manager in the world, offering investment and custody services to 13,000 consulting firms and brokers. In total, the company manages assets worth $ 7.2 trillion.