Leading Japanese Fintech Company Money Forward Reveals Plans to Launch Crypto Exchange This Year
Money Forward Inc is Japan’s leading personal budgeting app. The company, founded in May 2012, works with a mission to become a comprehensive financial platform for all. It strives to solve money-related issues of all individuals and businesses through building an open and fair economic platform and providing essential services.
By the summer of the year 2018, Money Forward plans to set up a crypto media platform. A cryptocurrency trading platform would follow it. The company has been working towards it since December 2017. A digital assets remittance and settlement system is also scheduled to be set up with the crypto exchange. The company has more than 5 million customers. More than 500,000 Japanese enterprises and 2,400 accounting firms are users of Money Forward’s cloud-based software for taxation and accounting needs.
Money Forward has unveiled new enhanced tools for its customers who use digital currencies. Automated crypto accounts have been offered to such customers. The accounts are complemented by data stream from twenty Japanese and foreign crypto exchange. The new tool has been tweaked to ensure simple filing of crypto tax returns. The tool has profit and loss calculation automated tool to offer insights to customers on their transaction history so that they can make informed choices on their investments.
Japanese financial institutions are making inroads into cryptocurrency business. Mitsubishi UFJ Financial Group (MUFG), world’s fifth largest bank has announced plans to introduce MUFG coin by 2019. The bank has partnered with Akamai Technologies for a related payment system using blockchain technology. Japanese investment giant Nomura too jumped into the fray by announcing custodian solutions for cryptocurrencies. Fintech companies and financial institutions will continue to work towards getting a more significant share cryptocurrency market share.
Image via Money Forward Website
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