San Francisco-based blockchain solutions provider Chain, has announced a partnership with Mitsubishi UFJ Financial Group (MUFG), one of the largest Japanese financial institutions.

The release states that Chain will work with MUFG on implementing a proof of concept blockchain-based legal documents platform, where corporate clients and businesses can issue and trade Promissory Notes.

With this partnership, MUFG is looking to streamline the existing market for promissory notes by removing counterparty risk for market participants, and to also provide more transparency for regulators.

Satoshi Murabayashi, who heads the digital innovation division at MUFG, said in the press release:

“We are pleased to be working with Chain to explore the application of next-generation financial infrastructure that we believe could significantly enhance the experience for our clients”

MUFG has been very actively involved with blockchains and digital currencies. In February of this year, the Japanese financial giant began experimenting with its own digital currency called MUFGcoin

Chain CEO Adam Ludwig explained that the MUFG partnership is a first for his company, “We are thrilled to be working with MUFG, our first partner in Japan” he said. Ludwig also stated that Chain is looking to cement long-lasting partnerships with financial institutions around the world.

“Chain’s partnerships with financial institutions are strategic and long-term, as is our commitment to Japan”

According to the post on Chain’s blog, the partnership will also focus on other applications of the technology in Japan’s digital payments industry.

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