MUFG, Japan's largest financial conglomerate, has just announced it has made the decision to shut down the blockchain-based payment network project Global Open Network Japan (GO-NET Japan).
According to the company, it has decided to close the project due to slow business growth and the COVID-19 pandemic.
The company has reported GO-NET Japan has not been able to achieve the network effect required to scale the business, which is the reason why the company has concluded that the project would not achieve significant commercial success in a reasonable amount of time.
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MUFG and a US cloud service provider established GO-NET Japan as a subsidiary of GO-NET back in 2019. According to the project plans, the network should enable 1 million transactions per second and be able to integrate with IoT.
Despite the news, MUFG has reported it intends to continue working in the blockchain space. Thus, let us recall the company has announced it plans to launch next year a stablecoin pegged to the Japanese yen.