Money Forward Inc., a giant fintech Japanese company announced it will launch a cryptocurrency exchange in 2018, reported Cointelegraph on May 23.
The fintech giant created a subsidiary called MF Financial Co., Ltd., that was launched on Wednesday and that will be exclusively working on the company’s new virtual currency trading platform.
The MF plans to first launch a cryptocurrency media platform in summer of 2018. Afterward, it will work on creating its cryptocurrency exchange and building a digital assets remittance and settlement system.
The Japan-based company had 5.5 million users in 2017, including 500,000 Japanese businesses and 2,400 accounting firm that was using its cloud-based platform for their tax accounting.
MF also announced today upgraded tools for its cryptocurrency investors, giving them access to automated crypto accounts book in which the data from twenty domestic and foreign cryptocurrency exchanges will be available.
The new tools also provide users an automated profit and loss calculation for their transaction histories.
Yesterday, Japan’s largest bank, Mitsubishi UFJ Financial Group (MUFG) announced it was partnering with Akamai to develop a new blockchain to increase the speed and lower the cost of transactions.