The Japanese largest financial group Mitsubishi UFJ Financial Group (MUFG) geared up to launch a blockchain-based payments network, the Global Open Network by 2020. This firm has collaborated with the American content delivery network and cloud service provider Akamai Technologies, Inc. with the aim of forming a joint venture for completing the network by the second quarter of 2020. The system can process more than a million transactions per second.
The joint venture is funded with a 250 million yen ($2.26 million) capital. Contributions of MUFG and Akamai are 80 percent stake and 20 percent respectively in this collaboration. Integration of the internet of things (IoT) of Akamai into the network can be done.
Akamai has its headquarter in Cambridge, Massachusetts, and the USA. Tom Leighton is the CEO and Co-founder of this provider.
MUFG has its headquarter in Tokyo with more than 1,800 locations over 50 countries. This firm employs more than 150,000 people. It offers services such as asset management, consumer finance, commercial banking, leasing, trust banking, securities, and credit cards. The aim of this firm is to “be the world’s most trusted financial group” with the help of partnerships along with helping its customers with their financial needs and requirements and serving society, the official website of Mitsubishi UFJ Financial Group (MUFG) reported.
The micropayment platform SatoshiPay Ltd. collaborated with Axel Springer SE who is known as the largest digital publishing house of Europe. The main purpose of this collaboration is to process blockchain payments around the globe. Basically, this platform integrates its payment solution into products of Axel Springer SE for providing better user experience and generating initial revenues.
Users can pay to this publisher for content through a Stellar blockchain technology-based wallet of SatoshiPay. The wallet will be used for direct payments without the involvement of any third party.
SatoshiPay has its headquarter in London. It is a scalable blockchain-based platform backed by the Stellar.org network. It offers that frictionless micropayment solution which is required for helping digital publishers and monetizing content around the world.
Axel Springer SE has its headquarters in Berlin and Germany. This publisher is available over 40 countries. It has subsidiaries like joint ventures and licensing along with over 15,000 employees. It has generated over €3.5 billion in revenues as of 2017. More than 60% of its revenues contributions are from Digital media activities. It has multimedia news brands like Bild, Die Welt, Business Insider, and Upday Medium reported.
The Senior Vice President New Business of Axel Springer SE Dr. Valentin Schöndienst said “Blockchain payments can significantly reduce transaction costs and thus enable new monetization systems for content. SatoshiPay offers a turnkey solution that allows us to instantly use blockchain technology and offer it to our customers”.
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