The Mizuho Bank in Japan is aiming to go big with digital currencies after JP Morgan launched its digital currency backed by fiat. The platform dubbed the J-Coin pay would be taking sixty (60) institutions onboard to reach out to over fifty-six million users within Japan.
The Chief Executive Officer (CEO) of the bank Tatsufumi Sakai expressed talking to the media that the bank is jumping into the market to keep the financial sector in their rightful place within the emerging digital trends. In other words, the bank is seeking to expand its portfolio in a market that’s developing very rapidly.
On the other hand, the bank is also not leaving any stones unturned to ensure that the users reap the benefit of their services like any other digital currency. Leveraging the blockchain the currency would be fast and easy to access. The bank would also be introducing a digital platform that would allow users to spend their J-Pay wallet money through QR codes.
In the expansion phases, the bank would also target big retail giants in the country with a targeted three hundred thousand retail stores across the country and around six and a half million (6.5m) users’-base.
The bank is looking to target giants such a FamilyMart, and East Japan Railway among other major players of the country.
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