{"id":58324,"date":"2022-02-24T10:47:58","date_gmt":"2022-02-24T08:47:58","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=58324"},"modified":"2025-09-04T16:12:33","modified_gmt":"2025-09-04T13:12:33","slug":"japanese-financial-giant-mufg-closes-blockchain-based-payment-network-project","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/japanese-financial-giant-mufg-closes-blockchain-based-payment-network-project\/","title":{"rendered":"Japanese financial giant MUFG closes blockchain-based payment network project"},"content":{"rendered":"<p>MUFG <a href=\\\"https:\/\/www.mufg.jp\/dam\/pressrelease\/2022\/pdf\/news-20220222-001_en.pdf\\\">announced<\/a> the winding down of the blockchain-based Global Open Network Japan (GO-NET Japan) payment network project. The largest financial conglomerate in Japan cited slow business growth.<\/p>\n<p>The COVID-19 pandemic was cited as another reason.<\/p>\n<p>GO-NET Japan failed to achieve the network effects required to scale the business. The conglomerate concluded that the project would not achieve meaningful commercial success in a reasonable time frame.<\/p>\n<p>MUFG and a US cloud-services provider established GO-NET Japan as a subsidiary of GO-NET in 2019. It was envisaged that its <span data-descr=\\\"network throughput (transactions per second)\\\" class=\\\"old_tooltip\\\">TPS<\/span> would be 1 million, and that it would integrate with the <span data-descr=\\\"Internet of Things\\\" class=\\\"old_tooltip\\\">IoT<\/span>.<\/p>\n<p>In the press release MUFG said it would continue to operate in the blockchain space. Digital transformation sits at the heart of its strategy.<\/p>\n<p>Earlier in 2023, the conglomerate <a href=\"https:\/\/forklog.com\/en\/news\/mufg-to-launch-stablecoin-pegged-to-the-yen-in-2023\">announced<\/a> the launch of a stablecoin pegged to the Japanese yen.<\/p>\n<p>Subscribe to ForkLog news on Telegram: <a href=\\\"https:\/\/t.me\/forklogfeed\\\" target=\\\"_blank\\\" rel=\\\"nofollow noopener\\\">ForkLog Feed<\/a> \u2014 full news feed, <a href=\\\"https:\/\/telegram.me\/forklog\\\" target=\\\"_blank\\\" rel=\\\"nofollow noopener\\\">ForkLog<\/a> \u2014 the most important news, infographics and opinions<\/p>\n","protected":false},"excerpt":{"rendered":"<p>MUFG announced the winding down of the blockchain-based Global Open Network Japan (GO-NET Japan) payment network project. The largest financial conglomerate in Japan cited slow business growth.<\/p>\n","protected":false},"author":1,"featured_media":58325,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1198,2290],"class_list":["post-58324","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-crypto-payments","tag-mufg"],"aioseo_notices":[],"amp_enabled":true,"views":"11","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/58324","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=58324"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/58324\/revisions"}],"predecessor-version":[{"id":58326,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/58324\/revisions\/58326"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/58325"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=58324"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=58324"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=58324"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}