Mitsubishi UFJ Financial Group Abandons Blockchain Payment Business

Join the Trading Community: Learn & Earn with BingX.

Today’s Cryptocurrency Headline

Mitsubishi UFJ Financial Group (MUFG), one of Japan’s largest financial institutions, said it will halt its high-speed blockchain payment network GO-NET Japan due to slow profit growth in its blockchain payments business and the harsh business environment during the COVID-19. It is reported that GO-NET Japan was established in April 2019 and is a subsidiary of Global Open Network, a joint venture between MUFG and Akamai Technologies. MUFG’s decision comes after it earlier this month announced a plan to issue a stablecoin pegged to the Japanese yen in 2023.

BingX’s Bitcoin Chart

Source: TradingView& BingX

According to the data, in the past 24 hours, the total liquidation amount of DeFi lending protocols on the entire network was US$17.19 million, an increase of 2535% from the previous day and a new high in the past 30 days. Among them, the top three projects by liquidation amount are Aave ($11.89 million), Venus ($3.3 million) and Compound ($1.04 million). The price of BTC hit $34,500 in the early trading session today after Russia started their military operation in Ukraine, and has since recovered to $38,500. Bitcoin’s price movement  is expected to suffer great volatility in the coming week if geopolitical issues continue to escalate. 

 

Disclaimer: BingX does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to the company. BingX is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the article.