The banking giant from Japan, Mizuho Financial Group is in our blockchain news today after the announcement for the launch of their yen-pegged stablecoin for payment services that was reported by the local newspaper Nikkei Asian Review.
Mizuho Financial Group partnered with more than 60 counterpart financial institutions that all of them combined to host 56 million user accounts. The new stablecoin ‘’J-Coin’’ will work as a direct link for the existing bank accounts with the digital wallets.
The bank reported over $1.8 trillion in assets as of December 21, 2018. The stablecoin will be managed by a mobile app using a QR code that will help to complete the retail payments. Also, the stablecoin will be used as a digital stablecoin fixed at 1 yen per unit and the transfers to the wallet will be set to zero fees.
The CEO of Mizuho, Tatsufumi Sakai explained that:
“The arrival of all these new entrants [into the digital payments space] is eroding the common-sense notion that payment services are provided by financial institutions.”
The J-Coin wallet users won’t have to bother with credit checks and the services will be provided even for users under the age of 18. Mizuho is also in negotiations with multiple convenience stores such as FamilyMart, Bic Camera which is an electronic retailer and East Japan Railway transport company. It is expected for more than 300,000 stores to sign up which is about 6.5 million users.
Mizuho is also trying to partner with one of the largest online stores Alibaba’s Alipay that will potentially help J-Coin to gain even more attraction. Merchants will be eventually charged with lower transaction fees than the credit card services do.
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“By using Coinify, we are not running into the knife. It is still not clear to me how blockchain is any better than other database technologies. The transactions are so far more expensive and slower than a normal payment method. Decentralization brings only cumbersome improvements. None of the blockchains scale enough. But maybe I have not invested enough time and therefore understand too little how the blockchain ecosystem works.”Herren said that the decision comes after the prolonged bearish correction on the market where most of the crypto assets lost nearly a third of their value. Despite the fact that investors didn’t really get scared of the decline in prices, institutional adoption is still uncertain regarding making more profits. For example, back in 2018 in June, the Expedia hotel booking platform deleted Bitcoin out of their options and in the same year couple of months back, Reddit also stopped accepting cryptocurrency for its gold membership plans. Years back, Bitcoin became popular because of its attractiveness as a cheaper alternative for expensive payment processors. But as the technology got more popular, the network was unable to handle a higher number of transactions such as Visa or MasterCard and that’s why retailers didn’t choose crypto for making transactions. The Swiss retail giant brings bitcoin back into the retail game. However, traders who are into crypto or those who just hold on to it for better days can now use their coins to purchase something from the retail platform.
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