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Japanese banking behemoth Mitsubishi UFJ Financial Group (MUFG) continues to blaze trails in the blockchain space.
According to a press release (PDF), the Tokyo-headquartered giant has established a joint venture with Cambridge-based fintech firm Akamai Technologies to launch a blockchain-based open payment network “by the end of the first half of 2020.”
The project, called the Global Open Network, will initially be for Japanese consumers but the company promises that they will expand the platform globally. Global Open Network will “utilize MUFG’s presence in the payment business and Akamai’s intelligent edge platform, which offers world-class speed and security.” The technology powering the payment processing platform can reportedly process over a million transactions per second.
MUFG owns 80% of Global Open Network, with Akamai holding the remaining 20%.
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