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Akamai, MUFG Announce JV; Plans Blockchain-based Online Payment System

Akamai Technologies, Inc. (AKAM) and Mitsubishi UFJ Financial Group (MUFG) announced an expansion of their relationship through the establishment of a joint venture, the Global Open Network, Inc. (GO-NET) and their plans to offer a new blockchain-based online payment network enabling next-generation transaction security, scale and responsiveness.

"This joint venture with MUFG sets the stage for a new blockchain-based online payment system that can better serve customers' and partners' payment processing needs," said Tom Leighton, CEO and co-founder of Akamai.

Both Akamai and MUFG will be investors in GO-NET, which is expected to make the new payment network available in Japan during the first half of 2020. GO-NET aims to provide a comprehensive set of services, including support for existing payment processing functions, pay-per-use, micropayments and other developing IoT-enabled payment transactions.

Separately, Akamai Technologies, Inc. (AKAM) announced that Ed McGowan, Senior Vice President of Finance, will succeed Jim Benson as Executive Vice President and Chief Financial Officer, effective March 1, 2019. Benson will serve as an Executive Advisor through an extended transition period.

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