Japan’s leading fintech app, Money Forward, has unveiled its plans to set up a cryptocurrency trading platform. Different companies from all over the world have been working so as to launch crypto-related services. One of the most profitable businesses right now are crypto-exchanges.
Money Forward Plans for Crypto Exchange
Money Forward, an important personal budgeting app from Japan, has decided to unveil its plans to open a cryptocurrency trading platform for its users. According to the company, its team is working on it since December 2017. Apparently, the main intention is to offer other services, including a digital assets remittance and settlement system and a crypto media platform.
The company has currently 5 million active customers, and 500,000 Japanese enterprises registered. Additionally, 2,400 accounting rims are using Money Forward’s services, including the cloud-based software for taxation and accounting needs.
Now, it has plans to add new crypto-related tools for customers that work with virtual currencies. The company is now offering automated crypto accounts which are complemented with data from twenty Japanese and international cryptocurrency trading platforms.
In this way, businesses will be able to fill crypto tax returns, calculate profits and losses, and offer insights to customers about their transaction history to make better investment decisions in the future.
MUFG Bank in Japan Implements Blockchain System
On May the 23rd, we wrote at UseTheBitcoin that a Japanese Bank – Mitsubishi UFJ Financial Froup (MUFG) – partnered with an American company to develop a blockchain payment system. The goal is to reduce transaction times, increase security, and reduce bureaucratic processes and expenditures.
Different financial companies from all over the world are starting to use virtual currencies and blockchain related services; but Japan is a leading country in innovation. The bank explained that the intention is to offer over 10 million transactions per second. At the same time, the new blockchain system would allow the bank’s customers to easily send and receive money, including micro transactions.
At the moment, the most used banking platforms around the world are not able to offer these services.