2 years ago
Mitsubishi UFJ Financial Group (MUFG), 1 of Japan's largest fiscal institutions, said it volition suspend its high-speed blockchain outgo web venture, GO-NET Japan, and adjacent down the business.
Slow maturation successful the fig of transactions resulting from the COVID-19 pandemic made it hard to grow the concern astatine the gait primitively planned, MUFG said Wednesday.
Furthermore, the web struggled to find a acceptable successful the internet-of-things (IoT) market, which it planned to incorporate.
"As a result, the concern is not expected to beryllium capable to execute profitability successful a tenable clip frame," MUFG said. "GO-NET Japan volition suspend operations and liquidation procedures of GO-NET and GO-NET Japan volition proceed thereafter."
The Global Open Network (GO-NET) task with Cambridge, Mass.-based tech steadfast Akamai was announced successful November 2020 with the purpose of providing cheaper, much businesslike outgo services. GO-NET said the level could grip 100,000 transactions per 2nd and could beryllium expanded to scope arsenic precocious arsenic 10 cardinal per 2nd for tiny payments.
This quality doesn't awesome the extremity MUFG's enactment successful the blockchain and integer currency industries. Its spot banking limb earlier this period announced plans to contented a stablecoin pegged to the yen arsenic a means of outgo to alteration instant colony of information transactions.
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Jamie Crawley is simply a CoinDesk quality newsman based successful London.
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