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Category Archive: bank of tokyo

Bank of Tokyo works on a Blockchain project with Hitachi

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Bank of Tokyo works on a blockchain project with Hitachi

Bank of Tokyo works on a blockchain project to manage electronic check together with tech giant Hitachi. 
According to a press release, this proof of concept system aims at creating a digital platform to issue, transfer and collect e-checks. 
Asiatic magazine Nikkei reports that in the next few days there will be further trials, and that the full version could be released in 2018.
Tech giant Hitachi announced:
“Using the system, BTMU issues and settles checks and some of Hitachi Group companies in Singapore receive the electronic check and deposit the funds. Through the PoC testing, Hitachi and BTMU will be able to identify issues from various perspectives such as technology, security, operation and legal perspectives and aim to realize new FinTech services including digitalization of checks.”
This project comes after a previous Bank of Tokyo Mitsubishi UFJ statement about its investment in the blockchain and about the project to release a new digital currency. 
Also, a few months ago Hitachi announced the creation of new studies for fintech applications, as the company is a member of the Hyperledger project, the Linux Foundation program related to the distributed ledger.

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Mitsubishi invests in Blockchain

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Today Coinbase announced that has raised $10.5m thanks to Bank of Tokyo Mitsubishi UFJ, 

Mitsubishi UFJ Capital and Sozo Ventures.

Also, Bank of Tokyo Mitsubishi UFJ itself started a new partnership with Coinbase, confirming rumors that the American startup was working on a proof-of-work project with an Asian bank.
Thanks to this move, Mitsubishi invests in blockchain applications.

Mitsubishi invests in Blockchain: a gap to fill up

In a press release, Coinbase explained that this collaboration will allow to fill up the gap between the blockchain and traditional financial institutions.

“Partnering with leading global financial institutions is a key part of our strategy and we are thrilled to be working with BTMU.”

Also, the well-known exchange commented that wants to launch several services in Japan; this way the startup will be able to serve a second Asian market.

Mitsubishi to have its own cryptocurrency

This news came following a report from the Asahi Shimbun newspaper and the bank will soon issue a virtual currency (the MUFG Coin?) that will be available next year.


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