Nearly two weeks after the Bank JPMorgan announced the launch of its cryptocurrency, and after almost three years, during which tests were carried out, the Japanese financial giant Mizuho (Mizuho Financial Group) announced the date of launching its own digital currency, J-Coin.

Bank holding company Mizuho, the second – largest financial group in Japan and ninth in the world by market capitalization.

According to Nikkei Asian Review, a Japanese Bank will launch J-Coin on March 1. The cost of the token will be tied to the yen at a ratio of 1 to 1. Mizuho Financial Group intends to use cryptocurrency primarily in digital payments and remittances.

Japanese banking giant has partnered with other local financial institutions. Together, more than 60 institutions have approximately 56 million user accounts, and all of them will receive digital wallets, allowing to work with J-Coin. To make payments through the app J-Coin Pay, users will have to scan the QR code. Unlike a credit card, the registration service J-Coin Pay does not require prior verification. The age limit also does not provide the service of minors.

Mizuho Financial Group has set itself the goal to sign on token over 6.5 million users in the next couple of years. In addition, the banking giant plans to use at least 300 000 retail Bank branches (the Bank has branches in every Prefecture in Japan and serves over 26 million Japanese homes).

Digital currency J-Coin was first tested in December 2016, in partnership with IBM Japan.