Japanese startup Money Forward, popular for its personal budgeting app, is reportedly planning to begin offering cryptocurrency exchange services.
Yosuke Tsuji, Money Forward CEO, recently stated that they have formed a new startup called Money Forward Financial Co. Ltd, which will run the cryptocurrency exchange operation. The company plans to initially launch a crypto media platform through which it will post cryptocurrency related news. It also plans to provide price comparisons between domestic and foreign exchanges. The media platform will look to facilitate the launch of a digital currency exchange platform at a later date.
Concerning priorities, Money Forward also revealed that it is working on making sure that ease of navigation and security are top two on its list. Additionally, there is a likelihood that the Japanese startup will have both a website and mobile interface. It is also expected to display vital information such as asset status and transaction history in a manner that is easy to understand. The firm expects the media platform to be ready before the end of summer.
Money Forward says it will provide digital currency clients with a set of tools through which they will access a new automated, cryptocurrency accounts book. The tools will allow users to handle user-inputted data from 20 different Japanese cryptocurrency exchanges and other foreign markets. The tools will also allow users to simplify their cryptocurrency tax filings that will be taken from the profit and loss calculations based on the transaction history of the trader.
Japan is one of the countries where the adoption of cryptocurrencies is gaining pace. This is mostly due to recently implemented industry regulations. More firms from the country have also demonstrated their interest in the cryptocurrency market. For example, Mitsubishi UFJ Financial Group (MUFG), one of Japan’s biggest banks, recently revealed that it successfully managed to carry out a cross-border transaction from a bank based in Thailand using blockchain technology.
MUFG also plans to launch its own cryptocurrency under the name MUFG. The company is on track to commence the pilot phase of the cryptocurrency. Meanwhile, Money Forward’s plan to venture into the cryptocurrency market highlights its rapidly growing pace. The move is part of the firm’s strategy of leveraging the growth in blockchain and digital currency markets.