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MUFG shutters blockchain-based payments network

Mitsubishi UFJ has pulled the plug on its blockchain-based online payment network, Global Open Network Japan (GO-NET Japan), citing the "recent hard business environment" for payments.

2 comments

MUFG shutters blockchain-based payments network

Editorial

This content has been selected, created and edited by the Finextra editorial team based upon its relevance and interest to our community.

Developed as a joint venture with vendor Akamai, GO-NET Japan was designed in response to the rise of the Internet of Things, enabling pay-per-use, micropayments and other developing IoT-enabled payment transactions.

After several delays, it was launched last April but MUFG now says that it will suspend operations and begin liquidation procedures.

The Japanese giant says that Covid-19, along with other factors, "made it difficult to develop its business on the scale originally anticipated" and that profitability was unlikely to be reached in a "reasonable timeframe".

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Comments: (2)

A Finextra member 

Let me translate from the Japanese: "this turned out to be a load of expensive hype"

 

Tom Barr CEO at WOCU Limited

There are better, centralised solutions out there. Yet another DLT casualty.

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