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Mitsubishi UFJ Financial Group Abandons Blockchain Payment Business

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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. 


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