Big Moves in Crypto: Money Forward Inc. Steps Up
In a riveting press release on May 23, Money Forward Inc., the titan behind one of Japan’s beloved budgeting apps, unveiled its ambitious plans to dive into the world of cryptocurrencies. This year, they’re gearing up to launch a crypto asset exchange, transitioning from everyday budgeting to juggling digital currencies. Brace yourselves—it’s going to be a wild ride!
Meet MF Financial Co., Ltd.
Introducing the newest kid on the block, MF Financial Co., Ltd., launched with a keen focus on the crypto exchange project. A seasoned member from Money Forward’s Blockchain and Virtual Currency Laboratory is set to lead this initiative, proving that they’re not just throwing darts in the dark but are strategically aiming at the target.
What’s Cooking?
The company’s roadmap is as exciting as it sounds. Starting with a crypto media platform to be unveiled by summer 2018, they’re not stopping there. The sequence continues with a crypto asset exchange, complemented by the development of a digital assets remittance and settlement system—research that has been in the works since December 2017. Talk about laying down some serious groundwork!
Current User Base: Wow Factor!
The numbers don’t lie! As of late 2017, Money Forward had amassed a staggering 5.5 million users, including an impressive roster of over 500,000 Japanese businesses along with 2,400 accounting firms making the most of its cloud-based software for tax accounting and invoicing. If they can juggle budgeting and cryptocurrency, what else could they possibly do?
Tech That Makes Life Easier
On a tech-savvy note, Money Forward is rolling out enhanced tools for crypto users. Picture this: an automated cryptocurrency accounts book pulling data from 20 different domestic and foreign exchanges! That’s right, with these new tools, filing crypto tax returns should feel less like a labyrinth and more like a walk in the park. Users will revel in the sweet relief of automated profit and loss calculations for their transaction histories. Who said taxes couldn’t be fun?
The Wider Context: Japan’s Crypto Surge
Money Forward is not the only one catching the crypto wave. Major financial institutions in Japan are also jumping on board. For instance, Mitsubishi UFJ Financial Group (MUFG), one of the world’s largest banks, recently conducted a successful pilot for cross-border payments using Blockchain Interledger in collaboration with a Thai bank. If that doesn’t send a signal, I don’t know what will!
Institutional Moves in the Crypto Space
On top of that, MUFG is partnering with a U.S. cloud delivery platform to create a blockchain-based global payment network and is even planning to test its own cryptocurrency by 2019. Not to be outdone, Nomura, a globally recognized investment bank, has announced its venture into establishing a digital asset custodian solution aimed at institutional investors. It seems that Japan isn’t just playing in the crypto sandbox—they’re building a whole playground!
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