Japan has an impressive app for fintech called Money Forward, which has accumulated healthy profits over the years. However, with the rising profits of the cryptocurrency world, they have decided to launch their own platform to add to their lucrative business, as of May 24, 2018.
Money Forward’s New Adventure
Previously, Money Forward has largely functioned as an app for consumers that want to create a personal budget, but the exposure of a cryptocurrency exchange creates a bigger opportunity. The platform has allegedly been in the works since December 2017, though the creators hope to eventually offer a range of services, like digital assets remittance, a settlement system, and a media platform via cryptocurrency.
With an existing user database of approximately 5 million active users and 500,000 enterprises, Money Forward already have a fairly active audience for their needs. They currently use cloud-based software for accounting and taxes, but the use of cryptocurrency comes with an entirely new set of tools. They will be able to use data-encrypted crypto accounts that span across multiple platforms.
Essentially, the combination of fintech software with a cryptocurrency platform will allow users to fill crypto tax return, analyze profits and deficits, and use blockchain for transparent transactions
Blockchain Used By MUFG Bank
Money Forward isn’t the only one that has integrated blockchain and crypto assets. Mitsubishi UFJ Financial Group (MUFG) has an agreement with a company in America to develop their own payment system that involves blockchain. Hopefully, this integration will result in faster transactions, better security, and fewer expenditures.
The blockchain is so effective in financial matters that it shouldn’t be any surprise that there are multiple financial companies that have embraced virtual currency and other blockchain services. Despite efforts across the globe, Japan still leads the market. MUFG Bank’s move to use blockchain makes transactions smoother and faster, and it sets them apart from other platforms that have yet to introduce these options.