Mitsubishi UFJ Financial Group (MUFG), the largest bank in Japan, has announced the creation of its own cryptocurrency and an accompanied exchange this fiscal year.
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According to Mainichi, a major Japanese newspaper, one MUFG Coin will start at one Japanese Yen.
The bank is allegedly creating another service for cryptocurrency investors called MUFJ Trust, which will allow holdings to link to exchanges without sending the money to their control, similar to segregated accounts protect forex trader.
In theory, funds will therefore be safeguarded if the company is hacked or goes bankrupt.
MUFJ Trust will also overseer accounts for wary activity and unusual communications, causing them to get identified for examination instead of being processed.
The services would cost a fee, but “customers will feel peace of mind knowing that a trust bank is managing their assets,” said Bitbank CEO Noriyuki Hirosue.