Fixed at 1 yen, and fluctuation-proof.
Adding to the expanding number of alternative cryptocurrencies, the Japan-based global bank Mizuho Financial Group announced that it will be introducing its own cryptocurrency in 2019.
Mizuho reportedly holds one of the largest user bases in Japan. According to its website, the bank prides itself on its “customer first” ethos, which remains at the heart of the company’s operations across its “global network of financial and business centers.”
According to Asian news outlet Nikkei, Mizuho will allow retailers that use the currency to charge “significantly lower” fees than credit card services.
“With our backing as a financial powerhouse in Asia and our growing presence across the Americas, we’re able to meet local market needs with a combination of truly customized care and $1.8 trillion in assets (as of March 31, 2017).” the company stated, in a release shared by Crowdfund Insider.
“Today, as part of one of the largest financial institutions in the world, Mizuho Americas leans on that Japanese heritage and diligence that saw us through the past years of financial turmoil. We honor our namesake “Mizuho” meaning “golden ears of rice”—a poetic term for Japan itself—and at the same time, embrace our local markets’ taste for success and a flair for innovation. The result is a hybrid style of thinking and execution, that’s entirely our own.”
Nikkei states that the new Mizuho currency will be fixed at a modest 1 yen, and won’t experience the fluctuations that bitcoin and other cryptos do.
What’s more, users won’t be charged a fee for transferring money between their smartphone and bank account, transferring to other users, or withdrawing funds to their bank account.