Financial group Mitsubishi UFJ has announced the halt of the GO-NET Japan blockchain payment network due to weak business growth.
According to the bank, the termination procedureproject activities have already begun. The company cites the slow growth in the number of payment transactions due to a number of objective factors, including the COVID-19 pandemic, as the reason for refusing to further maintain the network.
MUFG stated that in the three years of GO-NET Japan's existence, it has not been possible to achieve the necessary quantitative indicators.As a result, the bank came to the conclusion thatthat the project will not be able to achieve tangible commercial success within a reasonable time frame.
Despite the closure of its payment network forblockchain, the largest Japanese bank intends to continue to develop other initiatives in this direction. Earlier, MUFG announced plans to open a cryptocurrency exchange and launch a yen-based stablecoin.
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