Japanese Banking Giant to Launch Digital Currency Service Next Month
By Luke Flowers – Cryptocurrency Dealer
One of the largest holding conglomerates in Japan, the Mizuho Financial Group has a launch date of March 1 for its new digital currency service. The service will leverage direct links to bank accounts, so users have access to cashless payments using a bespoke stablecoin for remittance. Users of the banking group will be able to buy crypto and transact directly from their account.
The group has teamed up with 60 other financial institutions across most of Japan with a combined user base of 56m accounts. The collaboration is to introduce a new cryptocurrency called the ‘J-Coin’ which will have its own platform with a direct link to those holding an account with the banks. All will serve directly as digital wallets to buy cryptocurrency on the J-coin Pay platform.
As of the end of 2018, the group claimed over $1.8tn in total assets. If the users started to buy and sell cryptocurrency for use as payment as opposed to traditional fiat, they could benefit from many savings such as free transfers from a J-Coin wallet to a bank account. The J-Coin pay platform will not require screening like many credit cards and will be open to users under the age of 18 as to decrease the barrier for entry. Many under 18s may not know where to buy Bitcoin as major exchanges require this minimum age as do a cryptocurrency broker.
Most cryptocurrencies function differently in which credit is never given to one account. The funds must be available for the transaction to occur; creating a trust less system for buying and selling Bitcoin and crypto. J-Coin Pay will process both the payment and remittance for a transaction unlike a traditional bank and have been signing up stores to use the service. Mizuho hope to reach 300,000 participating stores connected with at least 6.5 million users.
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