Mitsubishi UFJ Financial Group, a Japanese bank that ranks as one of the world's largest, plans to launch a blockchain-based payment system. The system, which will stem from a partnership between the bank and Akamai Technologies, will be called "Global Open Network Inc." and is expected to launch in early 2020.
JPMorgan Chase & Co. has announced the creation of its own cryptocurrency, "JPM Coin," set to make up a small fraction of the trillions of dollars in value that it moves around the world daily through its wholesale payments service.
Korea Exchange Bank, South Korea's largest foreign exchange bank, has filed 46 patent applications for blockchain-related business models. These include systems for purchasing foreign products, offering digital asset services and issuing IOUs using blockchain technology.
SendFriend, a remittance service that leverages Ripple's xRapid product, has announced a $1.7 million raise from institutional investors including Ripple, the Mastercard Foundation, MIT Media Lab and Barclays. SendFriend is focused on allowing users to send money to the Philippines with lower fees than traditional cross-border options, converting USD to XRP and then to Philippine pesos (PHP) quickly.
According to a press release, global investment bank Credit Suisse and Portuguese financial services provider Banco Best completed live end-to-end fund transactions on the blockchain-based platform FundsDLT. The success of the transactions, from delivery of orders to completion of trades, demonstrated an efficient and scalable model for cross-border distribution of investment funds.