Ripple’s Technology to be Implemented in Japan-Brazil Cross-Border Payment System

Japan’s financial services giant Mitsubishi UFJ Financial Group (MUFG) and Bradesco, one of Brazil’s largest banks, have teamed up to launch a blockchain-driven cross-border payment system. The product will use the distributed ledger technology of US startup Ripple, the body that develops the third largest cryptocurrency, XRP (XRP), MUFG said in a statement on Friday.

The two financial institutions signed a memorandum of understanding (MOU) with the goal to widen their market presence by offering blockchain-based facilitation of international transactions. The project eyes business settlement between Japan and Brazil. MUFG will participate through its main Japanese bank MUFG Bank and its Brazil subsidia…

This article appeared first on Cryptovest

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