Japanese Corporation Mitsubishi UFJ Trust and Banking is preparing to launch a service that will protect the assets of the cryptocurrency exchanges in the case of burglary or closing services that they use.
As reported by Japanese newspaper Nikkei Asian Review, Mitsubishi UFJ Trust will maintain transaction logs of users. In the case of the collapse of the stock exchange, Mitsubishi UFJ promises to compensate for losses to their customers in accordance with the size of scriptaction that they store.
Nikkei reports that initially, users will be able to Deposit bitcoins only. The service can be started in April 2018 – this month the financial services Agency of Japan intends to accept cryptocurrency assets.
For storage, customers will have to pay Commission. However, in return, according to the head of the Tokyo stock exchange, Bitbank Noriyuki, Hirosue, they «will receive the peace of mind knowing that their assets are managed by the Bank».
Japanese cryptocurrency investors are particularly sensitive to the risks of using bitcoin exchanges after the closing of MtGox, the largest platform in 2014 as a result of theft of 850,000 BTC.