Mitsubishi UFJ to Launch ‘Digital Asset Wallet,’ Suspends Blockchain Payments Project

cryptonews.com:

The Japanese financial behemoth the Mitsubishi UFJ Financial Group is set to create a wallet that will be capable of storing and making use of “blockchain-powered digital assets” and NFTs – although its primary goal appears to be the securities tokens market. Also, the financial giant announced that it has "begun preparing to suspend the operations of Global Open Network Japan."

The project is the brainchild of the group’s trust banking arm, the Mitsubishi UFJ Trust and Banking Corporation. In a press release, the company said that the service would be named ProgmatUT – and that its name was a nod in the direction of utility tokens.

The wallet, the company explained, would make use of utility tokens to allow users to store a “range of” different “digital assets,” including security tokens and stablecoins. It will also make use of a new blockchain protocol – and will see the firm, as well as a number of partner firms issue what they claimed would become the “first asset-backed security token in Japan.”

“Multiple public offerings” are also in the pipelines, the company continued, and the firm claimed that, according to its roadmap, “a secondary market will be established” next year. The blockchain network is also slated for release sometime in 2023. And, to top it all off, the financial giant added:

“We are planning to issue Japan’s first trust-type stablecoin – the Progmat Coin.”

The firm said it hoped to have a beta version of its ProgmatUT offering ready later this year.

The project appears to have been in the pipelines since November 2019, when Mitsubishi UFJ agreed a deal with the domestic securities giants SBI and Nomura – both of whom have grown increasingly keen on both crypto and blockchain-powered tokenized securities