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   1055

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.

tZERO to Launch Bitcoin Trading App

Application itself is being developed by Bitsy; it may also begin to support Ethereum in the future
22 March 2019   125

The security tokens platform tZERO announced plans to launch a mobile application for buying and selling bitcoin. In the future, the application may also begin to support Ethereum,  CoinDesk reports.

According to Saum Noursalehi, CEO of tZERO, applications for iOS and Android devices should be launched in June. Bitsy is developing it, a cryptocurrency start-up that is part of the portfolio of the Overstock venture division of Medici Ventures.

That’s part of the reason we acquired Bitsy — to accelerate time to market for our mobile app. They have an app for trading crypto, primarily bitcoin, in a beta-phase, they built a wallet and key recovery mechanism, and this will be the foundation of the mobile app for tZERO. They are also working on some cool stuff like biometric login. 

Saum Noursalehi

CEO, tZero

According to him, the application will allow you to store cryptocurrency without the need to trust third parties and it will be connected to the network of exchanges through the API. The implementation of this plan will occur through partner tZERO, the institutional trading platform SFox.

In the future, the head of tZERO added, the platform also intends to create its own cryptocurrency vault to meet the demand from users.

The public beta testing of Bitsy wallet started in November 2018. With his help, the Overstock retailer plans to launch Bitcoin sales on its website.