Today Japan’s largest bank MUFG announced a partnership with startup Ginco, which will provide an enterprise wallet solution for MUFG’s crypto asset trust services. The Japanese bank revealed that it had worked on crypto services for many years, but halted because the government imposed a ban on bank crypto activities. That changed last year.
MUFG is known for a different blockchain activity as the founder of Progmat, the security token platform that has expanded into stablecoins and utility tokens.
Japan’s ban on bank involvement in crypto happened after the country’s second massive crypto loss. In 2018, hackers stole more than half a billion dollars of coins from crypto exchange CoinCheck. Four years earlier, Japan was host to the Mount Gox crypto exchange collapse in which thieves stole 850,000 Bitcoin valued at $473 million at the time (or $22.4 billion today).
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