The Mitsubishi UFJ Financial Group is preparing to launch a wallet. That can store and use digital assets powered by blockchains and NFTs. But its primary purpose appears to be the market for securities tokens. Global Open Network Japan has also taken steps to suspend its operations, the financial giant announced.
Mitsubishi UFJ’s Trust and Banking Corporation, a trust bank within the group, has developed the project. As announced in a press release, ProgmatUT is being called the utility token service a nod towards the future.
Utility tokens will be of use in the wallet so users could store assets. A lot of different “digital assets,” from security tokens to stablecoins. As well as using a new blockchain protocol, the project will also see the firm and its partners issue what they called the “first asset-backed security token in Japan.”
The Progmat Coin
Several public offerings will also occur in the coming year, the firm said, and it plans to establish a secondary market by next year, according to its roadmap. Additionally, it plans to release its blockchain network sometime in 2023. In addition, it added:
“We are planning to issue Japan’s first trust-type stablecoin – the Progmat Coin.”
Beta versions of the Firm’s ProgmatUT offer are to be out and available later this year.
A deal between Mitsubishi UFJ and the domestic securities giants SBI. And Nomura might have been the catalyst for the project. Which appears to have been in the pipeline since November 2019, when both companies agreed to collaborate on the project. Among the companies involved in the deal was Kenedix, a leading Japanese real estate firm. Japan is also a growing market for tokenized real estate. Though the latest press release did not directly refer to tokens related to property. It appears that users are able to issue security tokens through the ecosystem and manage them using the new wallet. And they could also be of use in conjunction with tokenized loyalty points programs.
UFJ’s initiative to close the open platform
Global Open Network Japan, a blockchain-based payments project launched by its joint venture with Akamai Technologies in April 2019. Which is also slated for suspension in either case. The network’s initial goal was to create a “multi-connectivity data processing platform with a high degree of scalability and scalability, so as to enable rapid blockchain-based payments in multiple scenarios.
Mitsubishi UFJ’s startup was launched in April last year, but it has been canceled less than a year later. Citing slow transaction growth, a slowdown caused by the Coronavirus pandemic, and a lack of integration with the internet of things. After consulting with its clients and partners in the enterprise, it added that it would “begin liquidation procedures”. Although the group stated it would strive “to become a leading business partner that leads the way through financial and digital capabilities,” it emphasized that it would “continue to accelerate digital transformation as a core strategy.” Additionally, it announced that it would continue to explore collaboration opportunities with Akamai, a media and software delivery network and cloud security solutions provider.