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Major Japanese Fintech Company Reveals Plans to Launch Crypto Exchange This Year

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The operator of one of Japan’s most popular personal budgeting apps Money Forward has announced its plans to launch a crypto asset exchange this year.

Money Forward Inc., the operator of one of Japan’s most popular personal budgeting apps, has announced its plans to launch a crypto asset exchange this year, in a company press release Wednesday, May 23.

A new subsidiary, MF Financial Co., Ltd., that launched today will be devoted to the company’s new crypto exchange project, and will be headed by a member of Money Forward’s Blockchain and Virtual Currency Laboratory.

The press release outlines MF’s plans to first launch a crypto media platform by summer 2018, followed by a crypto asset exchange and the construction of a digital assets remittance and settlement system, which the MF Laboratory has been researching since December 2017.

As of late 2017, the Tokyo-based company reportedly has 5.5 mln users, with over 500,000 Japanese businesses and 2,400 accounting firms using its cloud-based software for their tax accounting and invoices.

The company today also announced improved tools for its customers who currently use cryptocurrencies, providing them with an automated crypto accounts book that can be supported with data from twenty domestic and foreign crypto exchanges. The new tools also simplify users’ crypto tax return filings, by giving them an automated profit and loss calculation tool for their transaction histories.

Major Japanese financial institutions are increasingly making inroads in facilitating the country’s booming cryptocurrency sector. Just yesterday, Mitsubishi UFJ Financial Group (MUFG), the world’s fifth largest bank by total assets, successfully piloted a cross-border payment using a Thai bank’s Blockchain Interledger.

In the past two weeks, MUFG has also revealed that it is partnering with a US cloud delivery platform to launch a blockchain-based global payment network, as well as announcing plans to trial its own cryptocurrency by 2019. Meanwhile, Japan-based global investment bank Nomura last week announced its venture to establish a custodian solution for digital assets, targeting institutional investment in the crypto space.

Home Crypto News New Data Storage Platform Intends to Become the Safest Way of Storing Information Online
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New Data Storage Platform Intends to Become the Safest Way of Storing Information Online
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New Data Storage Platform Intends to Become the Safest Way of Storing Information Online

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A new blockchain-powered data storage platform is planned to be entirely decentralised and self-sufficient. By default, 10 copies of the data will be stored in order to prevent deletion.

A new blockchain-powered data storage platform, Memority, is aiming to provide “the most secure ever developed” solution for anyone looking to safely store sensitive data. The system would be entirely decentralised, self-sufficient, and protected against forgery and data deletion. Memority has also stated that “since we use Proof of Authority mining, there is no need for high computation resources.”

No reliance on a centralised system

The modern world continues to shift more and more information from physical to online storage. By 2020, it is estimated that over $100 bln will be spent annually by businesses on cybersecurity.

Memority acknowledges that there are several other ‘safe’ storage platforms available, however, the team claims that there are many factors which differentiate their product from their competitors. For example, it is entirely decentralised, and access to the datasets is restricted only to the owners who hold the private key. By default, 10 copies of the data will be stored in order to prevent accidental or malicious deletion, with a monitoring system in place to detect and replace missing files.

The files are also protected from forgery as a result of data identifiers, with the monitoring system able to scan for fake datasets and restore the correct copies. All of these features take place in a ‘completely self-sufficient and independent’ manner, due to the lack of reliance on a centralised system. A detailed breakdown of all of the differentiating factors of Memority is available on their website.

Their white paper states that the mission of Memority is to “create a self-sufficient ecosystem that includes many applications to meet the needs of businesses, government organisations and individuals in the ultra-secure storage of all kinds of valuable data.” In order for the platform to work, users around the world will provide memory from their computer hard drives to act as independent repositories. Their incentive for doing so is the aim to connect the maximum number of “ordinary computer users” as possible with the Memority system, thus maximising the number of independent repositories available. The platform will be powered by the Memority specific crypto token, MMR, using the smart contacts system. The team has highlighted that “5 percent of all payments for data storage will be distributed between miners who take part in block creation”, further incentivising users. Hosts will receive 90 percent of the payment from data owners for their file hosting services.

Roadmap and ICO

The Memortiy team holds a vast range of experience in blockchain, web production, financial systems and cybersecurity between them. The idea for Memority came to the team in 2016, platform development began in 2017,  and progress has been steady up until the recent release of the working alpha version, which is available now for users to test from the Memority website. The Beta release is planned for July 2018, and the fully finalised Memority 1.0 platform is scheduled to be live by March 2019.

The ICO begins on May 16 and will conclude on October 1 (1 MMR = 0.1 USD). It will be soft capped at $5 mln and hard capped at $85.5 mln. A detailed breakdown of token distribution and money distribution following the token sale is available on the Memority website.

 

Disclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor this article can be considered as an investment advice.

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