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Japan's MUFG To Launch Blockchain-based Payment Network In 2020

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Japan's Mitsubishi UFJ Financial Group (MUFG) said it will launch a new blockchain-based payment system in 2020.

For the new payment network business, it will establish a joint venture in collaboration with US content delivery network Akamai Technologies, Inc.

The new venture, named "Global Open Network, Inc." will be headquartered in Tokyo.

MUFG will have 80 percent stake in the company, while Akamai will hold 20 percent.

Global Open Network aims to provide an open payment network in Japan based on new blockchain technology by the first half of next year, MUFG said in a press release.

The technology powering the payment processing platform is jointly developed by MUFG and Akamai, and is capable of processing over a million transactions per second.

The new company will utilize MUFG's presence in the payment business and Akamai's intelligent edge platform, which offers world-class speed and security.

MUFG, which is the world's fifth-largest bank, has plans to trial its own cryptocurrency this year.

The Tokyo-based financial group has a global network spread over 1,800 locations in more than 50 countries.

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