Japan’s Internet Giant GMO Launches Live GMO Coin Crypto Trading Platform And Mining Expansion
Japanese Internet Giant GMO Launches Live Crypto Trading Platform
On 5th September 2018, Japan’s GMO announced the launch of a live crypto trading platform via its crypto subordinate company GMO Coin. This is its first live trading platform. The company has been offering two crypto exchange and trading services one being a brokerage service while the other a margin trading service. GMO Coin refers to the brokerage service as a sales office service and the margin trading service as a virtual currency FX service. Hence, the live trading platform is the third service offered by GMO Coin.
The company explained that all orders in the exchange are displayed as board information and visible to all investors. One can trade while observing the buying and selling demand of other investors. GMO Coin further explained that with the new live trading platform, traders can buy and sell up to 2 BTC per order and up to 1,000 BTC per day.
GMO Coin’s live trading platform currently only supports Bitcoin. There is no withdrawal fee charged and there is an available leverage of up to 10 times. There is also a maker fee of 0% and a taker fee of 0.01%. It is yet to advance as its co-trading platforms have as they support Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Litecoin (LTC), and Ripple (XRP).
Expanded Mining Operation
The company has also established more mining facilities and has mined almost 3,000 BTC and over 660 BCH till date. GMO Internet released the monthly report for its crypto mining business for August on 5th September and it is shown that the total hash rate of GMO’s mining operation was 459 PH/s, which was an increase from the previous two months. In June and July, the hash rates were the same at 384 PH/s. While 510 BTC and 25 BCH were mined in August, only 568 BTC were mined in July.
The company commented saying that their hash rate has expanded significantly since the end of July as a result of the establishment of more mining facilities that operate the mining machine from other manufacturers. GMO stated that it will continue introducing the mining machine from other manufacturers to the in-house mining. Its goal is to witness its hash rate surpass 800 PH/s by the end of December.
About GMO Internet Group
GMO Internet, Inc. was founded in 1991 and has its headquarters in Tokyo, Japan. It has more than 60 companies in 10 countries including GMO Coin which is its Cryptocurrency Exchange Business. It provides a wide range of internet services and an e-commerce platform.