Japanese Megabank Mizuho Now an Official Defendant in Mt. Gox Lawsuits
Mizuho, one of Japan's three largest banks and the banking partner of now-bankrupt bitcoin exchange Mt. Gox, has been named as a defendant in two class action lawsuits stemming from the exchange's insolvency. Reuters reported that the megabank was named as a defendant in the existing US lawsuit in which Mt. Gox is accused of defrauding customers, and a Canadian class action lawsuit blaming Gox for a security breach that allowed hackers to steal an alarming 800,000+ bitcoins. It is still not known for sure what happened to Mt. Gox's bitcoins, whether they have been lost, stolen or remain....
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Mizuho Financial Group has announced the development of a secure FinTech payment platform to be used by connected IoT (internet of things) devices such as connected cars and vehicles, smart home devices, wearables and more. It is one of the earliest efforts by a bank to provide account access to customers through smart devices beyond mobile phones and tablets. Japanese banking giant Mizuho, in a recent announcement, has announced its intention to conduct research and development to connect IoT devices to the bank’s IT system, over secure communications protocols. The aim is to bring more....
Mizuho is the latest in a string of organizations facing heat over connection to MT. Gox. (Reuters) Connection to the former leading Bitcoin exchange, Mt. Gox, has entangled another business partner in the exchange's highly publicized demise. One of Japan's largest lenders, Mizuho Bank Ltd., was added as a defendant to an existing U. S. lawsuit against Mt. Gox. The suit alleges that Mizuho aided Mt. Gox's fraud by providing banking services to the troubled exchange. Mizuho held fiat currency on behalf of Mt. Gox and its customers, and the amended lawsuit claims that the lender mingled....
The Mizuho Financial Group, one of Japan’s largest financial services companies and among the three Japanese ‘megabanks’, has announced the development of a new blockchain application after completing trials of its custom digital currency and cross-border document sharing. The purpose of the trail was to test if a business process, built on a traditional centralized system, could be devised to function in a decentralized system at lower costs. Japan’s Mizuho first partnered US-based IT solutions provider and consultant Cognizant this time last year with the aim to build a blockchain....
Japanese banking giant Mizuho has tested its digital currency developed in partnership with IBM Japan to reduce costs of money transfers, a report has revealed. The Mizuho Financial Group-IBM partnership announced earlier this year has seen successful testing of digital currency developed by the bank and the technology giant. According to a report Nikkei today, the three-month-long test saw trials use a mobile application wherein a single unit of Mizuho’s digital currency is equivalent to a single Japanese yen, essentially replicating fiat cash in value for the trial. The app-centric trial....
Japan’s Mizuho Financial Group, subsidiary bank Mizuho and IBM Japan are jointly building a blockchain platform for trade financing. With the blockchain solution, Mizuho is looking at improving supply chain- and trading operations’ efficiency. Announced in Tokyo this week, the joint endeavor sees blockchain technology as a viable solution to enable quick and secure exchange of digitized trade documents and transactional details in a supply chain ecosystem. An immutable ledger brings greater transparency and trust among parties in a transaction. The blockchain solution will enable a....