Important news! Japanese bank Mitsubishi UFG to launch NFT x Crypto Wallet

Mitsubishi UFG, the largest financial group in Japan and the second largest banking holding in the world, launches its own crypto wallet! It will be able to store and use blockchain-based digital assets and NFTs. This is a big win for the industry and proof that the Asian market is heating up.

Mitsubishi UFG wallet for NFTs and cryptocurrencies

The new product is the brainchild of the group’s trust banking arm, Mitsubishi UFJ Trust and Banking Corporation. According to the press release, the service will be called ProgmatUT, which is a nod to utility tokens.

The company has confirmed that the wallet will use utility tokens to allow users to store a range of different digital assets. In particular, it will support security tokens and stablecoins. In addition, the wallet will work on the new blockchain protocol. Another important component of the roadmap is the issuance of the Progmat coin, Japan’s first asset-backed security token. Once the wallet is launched, UFJ and partner firms will issue this new token.

Overall, it looks like Mitsubishi is building an ecosystem that will allow users to issue and manage security tokens with a new wallet. In parallel, the wallet can support tokenized loyalty points programs.

In terms of timing and execution, the blockchain network will be operational sometime in 2023. Meanwhile, the company hopes to have a beta version of its ProgmatUT offering ready later this year. In addition, “numerous public offerings” are in the works.

It appears that Mitsubishi UFG has been seeing opportunities in digital assets and payments for a long time. The upcoming cryptocurrency and NFT wallet is actually the product of her 2019 deal with domestic securities giants SBI and Nomura. In recent years, both companies have been actively developing their tokenized securities offerings based on cryptocurrencies and blockchain. This is in line with the company’s ambition to take a leading position in the securities token market.

General company strategy

This event did not come as a shock to the financial market, since Mitsubishi UFG has been involved in cryptocurrencies for many years. It partnered with Coinbase last year to allow the exchange to enter the Japanese market. In essence, the company has offered its Quick Deposit service to any of its 40 million customers who use the Coinbase crypto exchange.

It appears that MUFG is also holding internal events to make room for future initiatives. For example, it suspends the Global Open Network Japan. The financial giant has teamed up with Akamai Technologies to launch this blockchain-based payments project.

MUFG decided to put the work on hold to stop the bleeding. He cited reasons such as slow transaction growth, the slowdown associated with the coronavirus pandemic, weak adoption and lack of integration with the IoT sector. However, the group said it will “continue to accelerate digital transformation as a core strategy.”

Meanwhile, Animoca Brands is also entering the land of the rising sun. The Hong Kong company managing digital property rights through NFT will now operate in Japan under the strategic subsidiary Animoca Brands KK (Animoca Brands Japan).

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