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   511

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.

German Exchange to launch Bitcoin Products

Deutsche Boerse, the Frankfurt Stock Exchange holder, is deciding about the providing cryptocurrency products
24 May 2018   75

Reporting in London on Wednesday, at a significant event of the sphere, Jeffrey Tessler (the firm's chief of customers, products and core markets), declared: "We are deep at work with it." Nevertheless, any move into the crypto space from the stock exchange might not be forthcoming fast. When CME Group and Cboe Global Markets both started bitcoin futures trading last December, Tessler further claimed during the event that Deutsche Boerse is "not at the same stage." According to his point of view, the company is attempting to understand the volatility of the bitcoin market first and insuring clients and regulators are "in line" before stepping ahead with any offerings.

Whilst a move into offering bitcoin products is not definite, the exchange has already been active in the blockchain field. Deutsche Boerse unvealed details to CoinDesk about its plan to move the majority of its post-trade services to a blockchain last June. It affirmed at the time that it was interested in building a system, using Hyperledger's open-source Fabric protocol, in order to transfer securities and move commercial bank money, while still undertaking cross-jurisdictional compliance with regulators.

Also, as recently as March, the group declared it wish to deploy a platform for more operative securities lending using R3's Corda blockchain tech.