Japan's GMO Launches Live Crypto Trading Platform, Adds Mining Facilities

Japanese internet giant GMO has launched a live crypto trading platform via its subsidiary GMO Coin. This is the company’s third crypto exchange and trading service. Meanwhile, the group has established more mining facilities and has mined almost 3,000 BTC and over 660 BCH so far.

Also read: 160 Crypto Exchanges Seek to Enter Japanese Market, Regulator Reveals

GMO Launches Live Trading Platform

GMO Coin, the crypto subsidiary of Japanese internet giant GMO, announced Wednesday, September 5, the launch a live trading platform.

The company has been offering two crypto exchange and trading services but never had a live trading platform until now. Its two existing services are a brokerage service and a margin trading service. GMO Coin calls the former a “sales office” service and the latter a “virtual currency FX” service. Wednesday’s live platform launch introduces the third service GMO Coin offers.

The company described:

On the exchange, all orders are displayed as board information. Since you can see all the [order] quantities…you can trade while seeing the buying and selling demand of investors other than yourself.

Currently, only BTC is supported on the live trading platform, with a maker fee of 0% and a taker fee of 0.01%. There is no withdrawal fee and leverage of up to 10 times is available. In contrast, GMO Coin’s brokerage and margin services support BTC, ETH, BCH, LTC, and XRP.

With the new trading platform, traders “can buy and sell up to 2 BTC per order, [and] up to 1,000 BTC per day,” GMO elaborated.

Mining Operation Expanded

On Wednesday, September 5, GMO Internet released the monthly report for its crypto mining business for August.

In August, the total hash rate of GMO’s mining operation was 459 PH/s, an increase from the previous two months. In both June and July, the hash rates were unchanged at 384 PH/s. GMO mined 510 BTC and 25 BCH in August whereas only 568 BTC were mined in July. Since the launch of its mining business, the group has mined 2,984 BTC and 661 BCH in total. The company wrote:

Our hash rate has expanded since the end of July since we are establishing more mining facilities, operating the mining machine from other manufacturers…We will continue to introduce the mining machine from other manufacturers to the in-house mining. Our plan is to see our hash rate surpass 800 PH/s by the end of December.

Earlier this month, GMO Internet revealed a shift in priority from in-house mining to selling its 7nm miners, which are expected to start shipping at the end of October.

What do you think of GMO’s new platform and mining business expansion? Let us know in the comments section below.

Images courtesy of Shutterstock, Coin News, and GMO Internet.

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