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South Korea’s Largest Crypto Exchange Sold to Singapore-Based Consortium

October 13, 2018 |

South Korea’s Largest Crypto Exchange Sold to Singapore-Based Consortium

The largest cryptocurrency exchange in South Korea by trading volume, Bithumb, has reportedly been sold to a Singapore-based consortium for approximately 400 billion won or $ 354 million. Bk Global Consortium, led by plastic surgeon Kim Byung-gun, will acquire the controlling stake and become the largest shareholder of Bithumb.

Also read: 160 Crypto Exchanges Seek to Enter Japanese Market, Regulator Reveals

Bithumb Sold

A spokesman for Bithumb confirmed Friday that the exchange “was sold for about $ 354 million to a consortium led by a plastic surgeon,” Reuters reported and quoted him saying:

Bk Global Consortium, led by Kim Byung-gun, plastic surgeon and blockchain platform investor, signed a deal on Thursday to buy 50 percent plus one share in the exchange’s biggest stakeholder, BTC Holdings, for about 400 billion won ($ 354.09 million). The deal makes Bk Global Consortium the largest stakeholder of Bithumb.

South Korea’s Largest Crypto Exchange Sold to Singapore-Based ConsortiumThe deal will be finalized in February, Bloomberg further quoted the spokesman. Bithumb’s April audit report shows that BTC Holdings was the largest shareholder, with a 75.99 percent stake in the exchange. The second largest shareholder, Vidente Co. Ltd., held a 10.55 percent stake, followed by Omnitel at 8.44 percent, Chosun detailed.

Kim founded Bk Plastic Surgery 23 years ago and is the representative of the Bk Medical Group, which links China, Singapore and Korea, MTN detailed. He also established an ICO platform in Singapore last August.

About Bithumb

South Korea’s Largest Crypto Exchange Sold to Singapore-Based ConsortiumBithumb is currently South Korea’s largest cryptocurrency exchange by trading volume. According to Vidente, the exchange posted 218.6 billion won of operating profit and 39.3 billion won of net income in the first half of the year, Bloomberg described. Semi-annual reports of BTC Holdings show that Bithumb’s sales reached 303 billion won in the first half of this year.

In addition, News Asia reported that the price which Bk Global paid for Bithumb is lower than the exchange’s $ 880 million valuation appraised in early February, adding that the consortium’s own valuation of the exchange is even higher, at more than two trillion won plus the management rights premium. The news outlet quoted a Bk Global Consortium official asserting:

We will also promote the introduction of a stable coin to stabilize the payment system. We will be in conjunction with the global exchange scheme to take advantage of the coin linked to the US dollar.

In June, Bithumb said it was hacked and 11 cryptocurrencies were stolen. The estimated damage was about 19 billion won. This week, the exchange launched two indices to track the cryptocurrency markets.

What do you think of Bk Global Consortium acquiring the controlling stake of Bithumb? Let us know in the comments section below.


Images courtesy of Shutterstock and Bithumb.


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The post South Korea’s Largest Crypto Exchange Sold to Singapore-Based Consortium appeared first on Bitcoin News.

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Social Security Recipients Get Largest Raise in Years

October 13, 2018 |

Tens of millions of Social Security recipients and other retirees will get a 2.8% boost in benefits next year as inflation edges higher, the AP reports. It’s the biggest increase most retired baby boomers have gotten. Following a stretch of low inflation, the cost-of-living adjustment, or COLA, for 2019…
Newser

Largest South Korean Exchange Launches Crypto Market Indices

October 12, 2018 |

Largest South Korean Exchange Launches Crypto Market Indices

The largest crypto exchange in South Korea by trading volume, Bithumb, has launched two cryptocurrency market indices. One tracks all coins listed on the exchange while the other tracks only altcoins. Meanwhile, Upbit, the country’s largest crypto exchange by the number of coins listed, has two similar indices and sub-indices divided into three broad categories.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

Bithumb Launches Crypto Indices

Largest South Korean Exchange Launches Crypto Market IndicesBithumb announced Wednesday the launch of Bithumb Crypto Index (BTCI) which comprises two separate indices.

The exchange detailed:

BTCI has been developed in consideration of market representation and liquidity to provide investors with a single indicator that can show the trends of the cryptocurrency market. It consists of Bithumb Market Index (BTMI)…and Bithumb Altcoin Market Index (BTAI).

BTMI is calculated based on all cryptocurrencies listed on Bithumb while BTAI only takes into account “all non-bitcoin cryptocurrencies” listed on the exchange. The former aims to provide “an overall view of the price changes in the cryptocurrency market” while the latter “a view of the price changes in the cryptocurrency market excluding bitcoin.” Bithumb began calculating BTCI on July 1. The index is calculated real-time and updated every 10 seconds.

Largest South Korean Exchange Launches Crypto Market Indices

At the time of this writing, Bithumb is South Korea’s largest crypto exchange by trading volume, according to Coinmarketcap. With 53 cryptocurrencies listed for trading against the Korean won, the exchange has a 24-hour trading volume of $ 726,488,270.

Upbit’s Crypto Indices

The country’s largest crypto exchange by the number of coins listed, the Kakao-backed Upbit, also has a crypto index called Upbit Cryptocurrency Index (UBCI). Launched in May, the index consists of two main indices: Upbit Market Index (UBMI) and Upbit Altcoin Index (UBAI). However, there are also over 20 sub-indices grouped into three broad categories: market, theme, and strategy.

Largest South Korean Exchange Launches Crypto Market Indices“The index is designed to help investors grasp the movements of the cryptocurrency market at a quick glance,” Business Korea detailed at the time and quoted Lee Seok-woo, the president of Dunamu Inc. which operates Upbit, commenting:

The UBCI will become a standard in observing the whole cryptocurrency market…We will improve it in terms of technology and management to make it a representative index not only in the Korean market but in the global market.

Largest South Korean Exchange Launches Crypto Market Indices

At the time of this writing, Upbit has a 24-hour trading volume of $ 292,249,180, making it the second-largest crypto exchange in Korea by trading volume, according to Coinmarketcap. The exchange currently has 166 coins listed and supports 276 markets.

What do you think of Korean exchanges’ crypto indices? Let us know in the comments section below.


Images courtesy of Shutterstock, Bithumb, and Upbit.


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The post Largest South Korean Exchange Launches Crypto Market Indices appeared first on Bitcoin News.

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Nordic Region’s Largest Bank Nordea Suspected of Money Laundering

October 5, 2018 |

Nordic Region’s Largest Bank Nordea Suspected of Money Laundering

Nordea, the largest bank in the Nordic region, is reportedly suspected of being part of a major international money laundering scandal. The scheme allegedly involved a Russian client and took place over multiple years at an international branch of the bank that is now closed.

Also read: 160 Crypto Exchanges Seek to Enter Japanese Market, Regulator Reveals

Nordea Suspected of Money Laundering

Nordic Region’s Largest Bank Nordea Suspected of Money LaunderingNordea Bank Abp (Nordea), a financial services group headquartered in Finland, is suspected of money laundering, Cph Post Online reported on Tuesday. The largest bank in the region is allegedly involved in money laundering that took place between 2010 and 2013 “in the bank’s now closed international branch for global clients in Vesterbro [in Copenhagen, Denmark],” the publication detailed, adding:

Nordea is suspected of being part of a major international money-laundering scandal involving a Russian client and a tax company.

Nordic Region’s Largest Bank Nordea Suspected of Money LaunderingThe news outlet elaborated that “For almost four years, the fraud squad has tried to pursue a criminal case against a Russian client and a company in Belize in Central America, suspected of having ‘washed’ approximately 322 million Norwegian kroner [~$ 39 million] using bank accounts in Nordea.”

Established in 1820, Nordea currently has around 300 banks with branches, subsidiaries, and representative offices in 17 countries. According to its website, the bank claims to have 1.7 million customers in Denmark, 2.8 million in Finland, 0.9 million in Norway, and 4.2 million in Sweden. “Nordea is the largest financial services group in the Nordic region and one of the biggest banks in Europe,” the bank describes itself.

Response to Alleged Money Laundering

Nordic Region’s Largest Bank Nordea Suspected of Money LaunderingFollowing reports of its alleged money laundering involvement, a Nordea spokeswoman told Reuters in an email on Thursday, “To the best of our knowledge, Nordea is not under investigation from authorities related to money laundering in the Baltics.”

Julie Galbo, Nordea’s chief risk officer, was quoted by Cph Post Online admitting that the bank’s “anti-money laundering procedures at Nordea had been insufficient in the past and ensured that major improvements have been made in recent years.”

Jakob Dedenroth Bernhoft from Revisorjura, whose work focuses on money laundering, commented:

Nordea has been a good bank to open an account at if you want to launder money.
The bank did not investigate unusual transactions.

Recently, Danske Bank has come under fire for allegedly laundering approximately $ 234 billion through its Estonian branch. Reuters reported the largest bank in Denmark saying Thursday that it has “received requests for information from the U.S. Department of Justice (DOJ) in connection with a criminal investigation relating to the bank’s Estonian branch.”

Do you think Nordea is involved in money laundering? Let us know in the comments section below.


Images courtesy of Shutterstock.


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The post Nordic Region’s Largest Bank Nordea Suspected of Money Laundering appeared first on Bitcoin News.

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Markets Update: XRP Briefly Dethrones ETH as Second Largest Crypto

September 21, 2018 |

Markets Update: XRP Briefly Dethrones ETH as Second Largest Crypto

The cryptocurrency markets have produced a significant rally today – with just three of the top fifty crypto markets by capitalization posting losses for the last 24 hours of trade action as of this writing. The most notable gainer has been XRP – gaining over 50% in the last day to overtake ETH as the second largest cryptocurrency by market capitalization.

Also Read: China Updates Crypto Rankings, Downgrades Bitcoin

BTC Break Above Resistance at $ 6,500 USD

BTC has broken above the $ 6,500 resistance area, following roughly two weeks of sideways price action between approximately $ 6,000 and $ 6,500.

Markets Update: XRP Briefly Dethrones ETH as Second Largest Crypto

As of this writing, BTC is trading for approximately $ 6,700 after appearing to establish roughly $ 6,800 as local resistance when looking at intraday price action. BTC has gained roughly 4% in the last 24 hours.

Looking at the stochastic RSI on the weekly charts shows that momentum is coiling into an increasingly tightening mid-level range – suggesting that the markets may be primed for a strong move in either direction.

Markets Update: XRP Briefly Dethrones ETH as Second Largest Crypto
BTC/USD – StochRSI – Bitfinex – 1w

Bitcoin Core has a total capitalization of $ 115.7 billion and a market dominance 52%.

BCH Tests $ 500 Area

Bitcoin Cash gained roughly 12% in the last 24 hours – bouncing from approximately $ 430 to currently be trading for $ 483.

Markets Update: XRP Briefly Dethrones ETH as Second Largest Crypto
BCH/USD – Bitfinex – 4hr

BCH also gained nearly 7% over BTC today – rallying from 0.067 BTC to 0.0735 BTC, before retracing to the current price area of 0.072 BTC.

Markets Update: XRP Briefly Dethrones ETH as Second Largest Crypto
BCH/BTC – Bitfinex – 1d

The BCH/BTC rally appears to coincide with a bounce of the upper-side of the descending trend line that has guided price action since May. BCH currently has a market cap of $ 8.34 billion and a dominance of 3.75%.

Dramatic XRP Rally Elevates Ripple to Second Largest Crypto by Market Cap

XRP posted the largest gains of the top cryptocurrency markets – rallying by 100% before violently retracing to post daily gains of approximately 50% as of this writing. The markets quickly bounced from roughly $ 0.4 to $ 0.8, before retrace to the current $ 0.6 price area.

Markets Update: XRP Briefly Dethrones ETH as Second Largest Crypto
XRP/USD – Bitfinex – 4hr

XRP posted similarly impressive gains over BTC also – rallying 90% from 0.000062 BTC to test 0.000117, before retracing to the current price are of 0.0000875 BTC.

Markets Update: XRP Briefly Dethrones ETH as Second Largest Crypto
XRP/BTC – Bitfinex – 4hr

The dramatic XRP rally drove Ripple to overtake Ethereum to rank as the second largest cryptocurrency by capitalization for the third time in the last 18 months. Ripple currently has a market capitalization of $ 23.5 billion and a dominance of roughly 10.5%.

ETH Bumped Down to Third-Largest Crypto

Despite a slight slide Ethereum’s ranking by market cap, ETH also produced bullish price action today – gaining by over 10% in the 24 hours from $ 210 to currently be trading above $ 230 after breaking the descending trend line that has guided USD price action since May.

Markets Update: XRP Briefly Dethrones ETH as Second Largest Crypto
ETH/USD – Bitfinex – 1d

Looking at the ETH/BTC chart, it appears that Ethereum has broken out of the descending channel in which it has traded since mid-July – gaining almost 5% in the last day to currently be trading for approximately 0.036 BTC.

Markets Update: XRP Briefly Dethrones ETH as Second Largest Crypto
ETH/BTC – Bitfinex – 1d

Ethereum has a market capitalization of $ 23.3 billion and a dominance of roughly 10.5%.

Stellar and Cardano Also Post Double-Digit Gains for Today

XLM and ADA were the second and third strongest performing of the top ten crypto markets by capitalization today.

Stellar’s current price of $ 0.255 comprises a daily gain of 18.5%, however, similar to XRP, the markets XLM market produced a parabolic spike of 30% on the intraday charts before retracing to current price levels. Stellar is also trading for 0.00003835 BTC and has a market cap of $ 4.72 billion – making it the sixth-ranked cryptocurrency by capitalization.

Markets Update: XRP Briefly Dethrones ETH as Second Largest Crypto
ETH/USD – Kraken – 4hr

ADA gained 13% today – rallying from $ 0.076 to the current price area of roughly $ 0.086. Cardano is also trading for 0.00001300 BTC and is the ninth largest cryptocurrency with a market cap of roughly $ 2.19 billion.

Markets Update: XRP Briefly Dethrones ETH as Second Largest Crypto
ADA/USD – Bittrex – 4hr

Do you think XRP can hold its position as the second largest cryptocurrency market by capitalization? Or do you expect that ETH will quickly reclaim such? Tell us your thoughts in the comments section below!


Images courtesy of Shutterstock


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Netherlands’ Largest Bank ING Group Fined $900M for Money Laundering

September 16, 2018 |

Netherlands’ Largest Bank ING Group Fined $  900M for Money Laundering

This week Dutch authorities revealed to the public that the Netherlands’ largest financial services provider, ING, had violated numerous money laundering laws because they didn’t scrutinize unusual transactions and certain accounts.

Also Read: Public Anger Forces Bank CFO to Quit Over Huge Money Laundering Affair

Netherlands’ Largest Bank Admits: “ING Clients Used Their Bank Accounts for Money Laundering Practices for Years”

Over the last few weeks, many large financial institutions have been investigated and charged with helping facilitate money laundering. Financial crime prosecutors from the Netherlands have charged the Dutch bank ING with violations, and a $ 900 million dollar fine because the financial institution unwittingly helped facilitate money laundering. The Dutch police explain its “impossible” to really estimate how much money was actually laundered through sketchy accounts and unusually large transactions. However, Margreet Frohberg the lead prosecutor of the case explained in an interview that “hundreds of millions of euros” were illegally transferred.

Moreover, Frohberg explains the money laundering and financing terrorism has been taking place “for years,” and ING did not properly inspect these transfers or examined the accounts to the best of their ability. According to other reports, the money laundering transgressions took place between 2010 and 2016 and some large “unusual” payments stemmed from a firm called Veon (formerly Vimpelcom). Veon is also paying a separate fine of around $ 795 million to the US for money laundering charges as well. ING has admitted to the financial infractions in response this week, stating:

“The shortcomings identified resulted in clients having been able to use their bank accounts for money laundering practices for years”, ING explained

Too Big to Jail & Too Big to Fail: No Evidence of Individual ING Banks Knowingly Aiding the Money Laundering

The news also follows the recent $ 150 billion dollar money laundering probe aimed at Danske bank, Denmark’s largest financial institution. According to reports, the probe also implicated Deutsche Bank and Citigroup over “allegations of massive money laundering flows from Russia and former Soviet states.”

ING has detailed it will pay the $ 900 million but has explained that no individual ING banking institution was aware of the violations taking place. Dutch prosecutors have also confirmed that they had “found no evidence” of ING staff knowingly aiding the money launderers. However, ING’s Chief Executive Ralph Hamers said ten employees were either dismissed or saw their bonuses taken away.

“We have made unacceptable mistakes,” Hamers explained to the press this week. “This calls for drastic measures, which we have taken,” he added.

2018 is becoming eerily similar to the years following the economic collapse of 2008, where the world saw the banks pay hundreds of billions in fines, but no bankers were jailed. That year the US Department of Justice and Eric Holder promised bankers would be jailed for the economic crisis that plagued the world. Of course, the globe found out later that the bankers and the political nobility were ‘too big to jail.’ Many people believe the current Danske probe that also involves quite a few more financial giants, and this week’s ING money laundering fines clearly show the economic elite have no problems with paying petty fines, because to this very day the banking giants are still ‘too big to fail.’

After responding to the $ 900 million in fines for money laundering charges, the Dutch bank ING also detailed that it does not expect to be charged with fines by the Securities and Exchange Commission (SEC) in the US.

What do you think about ING paying $ 900 million in fines for the money laundering charges? Let us know what you think about this subject in the comment section below.


Images via Pixabay, Shutterstock, and ING bank. 


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The post Netherlands’ Largest Bank ING Group Fined $ 900M for Money Laundering appeared first on Bitcoin News.

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Huobi ‘Aggressively’ Enters Japanese Market With Plans to Become the Largest Exchange

September 13, 2018 |

Huobi 'Aggressively' Enters Japanese Market With Plans to Become the Largest Exchange

Crypto exchange Huobi is entering the Japanese market by acquiring a majority stake in one of the 16 government-approved crypto exchanges in the country. The company says it plans to “aggressively scale this trading platform into the largest in Japan,” with an eye on global expansion in the future.

Also read: 160 Crypto Exchanges Seek to Enter Japanese Market, Regulator Reveals

Huobi Entering Japanese Market

Huobi 'Aggressively' Enters Japanese Market With Plans to Become the Largest ExchangeHuobi is expanding into the Japanese market by acquiring a majority stake in Bittrade, a Japanese government-approved crypto exchange.

Huobi 'Aggressively' Enters Japanese Market With Plans to Become the Largest ExchangeBittrade’s owner announced on Wednesday, September 12, that Huobi Global’s wholly-owned subsidiary, Huobi Japan Holding Ltd., “will take a majority stake” in the exchange. Speaking of his strategic partnership with Huobi, Singaporean entrepreneur Eric Cheng, who owns 100% of Bittrade, said:

The parties intend to aggressively scale this trading platform into the largest in Japan with the potential to extend its services globally.

Huobi 'Aggressively' Enters Japanese Market With Plans to Become the Largest ExchangeEstablished in China in 2013, Huobi has since moved its headquarters to Singapore. The company now claims to have an accumulated trading volume of over US$ 1 trillion, with “millions of users” worldwide. “Geographically, Huobi has compliance teams in Singapore, Korea, Hong Kong, Australia, the UAE, Luxembourg, and other countries around the world,” the company wrote.

In addition, Huobi has been expanding to other regions through partnerships with local companies. Last month, Huobi announced that it is launching crypto exchanges in the Philippines, Russia, Taiwan, Indonesia, and Canada.

Bittrade Already an Approved Exchange in Japan

Huobi 'Aggressively' Enters Japanese Market With Plans to Become the Largest ExchangeOne of the biggest hurdles in entering the Japanese market right now is getting approval from the Financial Services Agency (FSA). Since Japan legalized cryptocurrency as a means of payment in April last year, all exchanges in the country are required to register with the FSA.

Last year, the agency approved 16 crypto exchanges. However, the approval rate has plummeted since the hack of Coincheck in January. The agency has since tightened its evaluation process of new exchanges. This has led to 13 of 16 quasi-exchanges to withdraw their applications. Bittrade is one of the 16 FSA-approved crypto exchanges.

Last week, Japan’s e-commerce giant Rakuten acquired Everybody’s Bitcoin, one of the three remaining quasi-exchanges, to fast-track into the Japanese crypto market.

Bittrade Previously Acquired by Singaporean Entrepreneur

Huobi 'Aggressively' Enters Japanese Market With Plans to Become the Largest ExchangeIn May, Cheng “acquired 100 percent stake in two Japanese licensed companies,” Singapore Business Review reported. “With the acquisition, Cheng, the CEO of Upper Joyful Ltd, will own [the] controlling stake in the two firms — FX Trade Financial Co Ltd (FX Trade) and its affiliate company, Bittrade Co Ltd.”

Cheng has been investing in high-growth opportunities and currently has investments in regions such as Australia, Mainland China, Cambodia, Japan, Malaysia, Singapore, Taiwan, Thailand, and Vietnam, according to Wednesday’s announcement.

What do you think of Huobi entering the Japanese market? Do you think Huobi will succeed in becoming the largest exchange in Japan? Let us know in the comments section below.


Images courtesy of Shutterstock, Huobi, and Bittrade.


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The post Huobi ‘Aggressively’ Enters Japanese Market With Plans to Become the Largest Exchange appeared first on Bitcoin News.

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Denmark’s Largest Bank May Have Facilitated up to $150 Billion in Money Laundering

September 9, 2018 |

Denmark’s Largest Bank May Have Facilitated up to $  150 Billion in Money Laundering

Companies from Russia and other parts of the former Soviet Union have apparently turned the small country of Estonia into a massive money laundering haven. An investigation into the Estonian branch of Denmark’s largest bank is examining up to $ 150 billion which may have been involved.

Also Read: The Daily: Robinhood Aiming for IPO, Dodgers to Give Away Crypto Tokens

From $ 3.9 Billion to $ 150 Billion

Denmark’s Largest Bank May Have Facilitated up to $  150 Billion in Money LaunderingInvestigators at Danske Bank (CPH: DANSKE), the largest bank in Denmark, are reportedly combing through a whopping $ 150 billion worth of transactions that passed through its Estonian branch between 2007 and 2015. While its likely not all of the suspicious funds are from an illegal source, this is a jump by an order of magnitude from the bank’s initially suspected figure said to be involved with money laundering by Russian and other Eastern European companies.

Last year Danish media sources reported the suspected laundered funds at $ 3.9 billion but in early July the figure jumped to between $ 8 and $ 9 billion. And earlier this month, FT reported that up to $ 30 billion may be suspect. The bank’s stock price has taken a considerable hit from the revelations.

“Any conclusions should be drawn on the basis of verified facts and not fragmented pieces of information taken out of context,” Danske Bank chairman Ole Andersen told the Wall Street Journal which brought up the $ 150 billion figure. “As we have previously communicated, it is clear that the issues related to the portfolio were bigger than we had previously anticipated.”

Weak Deterrence?

Denmark’s Largest Bank May Have Facilitated up to $  150 Billion in Money LaunderingAccording to Estonian law, an individual may face up to ten years in jail for taking part in an organized money laundering crime. However, a company guilty of money laundering faces a maximum penalty of just 16 million euros.

Back in July, the bank’s Board announced it intends to waive all income from suspicious transactions in Estonia and use it “to the benefit of society,” like supporting efforts to combat financial crime. “It is still too early to draw any conclusions regarding the extent of the issues, as the comprehensive investigations into the matter are still ongoing. However, it is clear that we did not live up to our own standards or the expectations of society at large when it came to preventing our Estonian branch from being used for potentially illegal activities at the time when these transactions took place. This is something we deeply regret and which we should not benefit from financially in any way. Therefore we will not keep the income from these suspicious transactions,” CEO Thomas F. Borgen, said at the time.

Why are regulators going after crypto with so much money laundering going on in the banking system? Share your thoughts in the comments section below.


Images courtesy of Shutterstock.


Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Satoshi’s Pulse, another original and free service from Bitcoin.com.

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Japan’s Largest Bank Experiments Using Own Crypto at Convenience Store

September 2, 2018 |

Japan's Largest Bank Experiments Using Own Crypto at Convenience Store

Mitsubishi UFJ Financial Group, one of the world’s largest financial groups, has been experimenting with using its own cryptocurrency, the Mufg coin, for payments at a convenience store for employees. This week, a local publication reported on the progress of the experiment.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

Payments at Convenient Store

Mitsubishi UFJ Financial Group (Mufg) has been experimenting with its digital currency, the Mufg coin. A convenience store for employees only, located at the group’s headquarters in Tokyo, has been allowing Mufg employees to pay with these coins. The Sankei Shimbun visited the store and reported this week that the experiment “is quietly advancing.”

Japan's Largest Bank Experiments Using Own Crypto at Convenience Store
Mufg coins being used at the convenience store for employees. Photo credit: the Sankei Shimbun.

Japan's Largest Bank Experiments Using Own Crypto at Convenience StoreA cash register has been set up for payments using Mufg coins at the store. Employees paying with them present the QR code displayed on their smartphones to the store clerk at checkout. Mufg will examine any issues faced by both the users or the merchant.

In addition to making payments at the convenient store, the coins can be used to exchange money between colleagues such as splitting bills, the news outlet conveyed.

Mufg is Japan’s largest financial groups, with total assets of 306 trillion yen (~US$ 2.76 trillion) as of March 31. One of its subsidiaries, Mufg Bank, is also Japan’s largest bank with offices throughout Japan and in 40 other countries.

Plans for the Mufg Coin

The Mufg coin was created as Mitsubishi UFJ Financial Group explored how “blockchain technology could be applied for a variety of everyday financial needs, such as withdrawals and deposits to transactions and payments,” the company previously described, elaborating:

Potentially this coin could have large-scale commercial potential, as well serving small-scale retail bank customers. Other than Mufg coin, Mufg is testing another untitled digital currency rewards [program] for employees who reduce their overtime hours and practice a healthy lifestyle.

Japan's Largest Bank Experiments Using Own Crypto at Convenience StoreJapanese daily Mainichi explained that the coin is pegged to the yen, with the price of one Mufg coin kept stable at one yen.

The group detailed that while banknotes and physical coins can be widely used, their “significant toll in terms of cost and time required for the procurement, storage and transport of these instruments is often overlooked.” The Mufg coin has, therefore, been developed as a low-cost cashless finance infrastructure.

According to Mufg, the coins will have “instantaneous transfer capabilities” and provide the ability to make micropayments “in decimal value increments.”

What do you think of the plans for the Mufg coin? Let us know in the comments section below.


Images courtesy of Shutterstock and Mufg.


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