Japan based Nikkei Asian Review, online publication reports, Japanese Mitsubishi UFJ Trust and Banking is now providing a service that protects crypto holders. In case, the exchanges they use shuts down or being hacked.
The giant bank will be holding records from cryptocurrency exchanges of customers who opt-in for the scheme. If at all the there is the failure of exchange or compromised, Mitsubishi UFJ will reimburse its clients for their losses.
Further, Nikkie reportedly said that the service could launch in April and commence with Bitcoin trading. However, crypto holders who wants to protect their fund under Mitsubishi UFJ will charge a fee for the service.
Noriyuki Hirosue, CEO of Bitbank, Tokyo based exchange asserts that additional fee may be an easy price to pay for those who prefer to trust traditional financial institutions:
“customers will feel peace of mind knowing that a trust bank is managing their assets”.
Moreover, the Japanese cryptocurrency investors are more alert to the risks of using crypto exchanges- Mt.GOX. The Japanese cryptocurrency exchange was close down in when 850,000 customer’s bitcoins were opt by hackers
Remarkably, the Japan is popular for being leader in cryptocurrency investment and regulation. According to Nikkeiv Asian, the Japan’s Financial Services Agency is ready to distinguish cryptocurrencies as assets by April 2018.