The Global Open Network is a joint effort with a U.S. content delivery and cloud platform company.
Japan’s Mitsubishi UFJ Financial Group (MUFG) has officially announced it will launch a new blockchain-based payment system, according to a press release published on Feb. 12.
The world’s fifth-largest bank is working on the project in partnership with United States content delivery network Akamai, with the aim to launch in H1 2020.
Dubbed the “Global Open Network,” the platform aims to utilize MUFG’s payment industry reach to cement its standing in the increasingly competitive blockchain payments market.
MUFG and Akamai had first announced a partnership in May of last year, issuing an outline of what would become the Global Open Network and setting a launch date for the start of the 2018 fiscal year that has not been realized.
“The new payment network will be a diverse payment service equipped with an…