MUFG reported on the closure of the payment network project on the blockchain Global Open Network Japan (GO-NET Japan). Japan’s largest financial conglomerate cited slow business growth.
Another reason is the COVID-19 pandemic.
GO-NET Japan has failed to achieve the necessary networking effect needed to scale the business. The conglomerate concluded that the project would not achieve significant commercial success within a reasonable time.
MUFG and the US cloud service provider established GO-NET Japan as a subsidiary of GO-NET in 2019. It was supposed to be her TPS will be 1 million and it will be integrated with IoT.
The press release says that MUFG will continue to work in the blockchain sphere. Digital transformation is the basis of his strategy.
Recall a conglomerate announced launch in 2023 of stablecoin pegged to the Japanese yen.
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