Japanese Bank To Protect Cryptocurrency From Hacking

According to Japan-based company Nikkei’s post, Japanese Mitsubishi UFJ Trust and Banking wants to create a service to protect cryptocurrency users in case of hacking exchanges.

The Bank is going to take records from cryptocurrency exchanges and if the system fails or is compromised, the clients losses will be paid.

As Nikkei informed, the launch of service is going to start in April. The Mitsubishi UFJ company will take fees from Crypto exchange users who want to protect their holdings by the system.

The CEO of Tokyo-based exchange Bitbank Noriyuki Hirosue claimed that paying extra fee will be an easy method for those who trust traditional banking system.

Using crypto exchanges in Japan is risky for investor after an event of hacking cryptocurrency Exchange Mt. Gox. The exchange was closed after hackers stole 850,000 bitcoins from exchange.

Japan is the leading country in cryptocurrency world. In April 2018 the country’s Financial Agency is going to accept digital coins as assets that can be placed in trust.