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.
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".
Finextra
© finextra
Key
Hover over the blue highlighted
text to view the acronym meaning
Hover
over these icons for more information
Comments:
No Comments for this Article