Feb 21, 2019 18:00 UTC
Feb 23, 2019 at 20:15 UTC
Japan’s Mizhuo Bank To Launch J-coin Cryptocurrency
According to reports, well-reputed bank, in Japan, Mizuho, will soon be launching a cryptocurrency venture named J-coin on 1st March.As indicated by a declaration made by the organization, Mizuho expects to be a front runner in the crypto world which is plagued by tremendous competition, by collaborating with more than 60 financial institutions in the nation which brag of around 56 million dynamic ledgers.
The entry of J-coin will impose a firm challenge on similar institutions that are functional in the nation, including Japan’s messaging goliath Line’s LINK token, and ‘Japan’s Amazon,’ Rakuten. The CEO of Mizhuo, Tatsufumi Sakai said,
“The arrival of all these new entrants is eroding the common-sense notion that payment services are provided by financial institutions”
The J-coin platform has a lot of similarity to that of their rivals’, consequently making the platform a familiar entity to interested clients.
When making payment with J-coin, clients will be required to filter the QR codes situated on the item utilizing a cell phone, thereby deducting the amount pegged for goods from the client’s available balance on the J-coin app. Currently, the estimation of one J-coin token is pegged at one Yen (one Cent), the firm expressed. Likewise, since the J-coin’s association includes around 60 monetary foundations, clients can without much of a stretch convert their fiat monetary forms into J-coins, and the other way around.
Line Pay is ahead as far as a rivalry, with the messaging giant boasting of around 79 million dynamic clients per month for their app, which could trigger fast development in the utilization of Line Pay for exchanges. Line is accepted at about 1.33 million locations in the country and has tie-ups with Starbucks, VISA and various others.
Then again, Mizuho’s J-coin pay is focusing on at least 300,000 stores that will be at least 6.5 million users within a few years, by tapping the broad base of account holders with member banks.