Bitcoin and cryptocurrency is booming in Japan right now. Trading volumes continue to increase, which sends prices upward. It appears on the country’s largest conglomerates wants to launch a new Bitcoin exchange. GMO Internet stated their GMO-Z platform will go live on May 24th. An intriguing development hat will give Bitcoin even more value over time.
Another Japanese Bitcoin Exchange
It is to be expected more Japanese cryptocurrency exchanges will come to fruition soon. GMO Internet is the first major conglomerate to do so. Although their platform will only launch two weeks from now, pre-registration is already open. It is evident the platform wants to make a big impact on the cryptocurrency sector. Having more exchanges to choose from is never a bad option either.
This new exchange will be named GMO-Z.com. It is not necessarily a name people will associate with Bitcoin, though. Then again, the e-giant has a big enough presence to spread the word about this new platform in the coming months. It is good to see the company come through on their word. GMO Internet mentioned in December of 2016 how they would launch a cryptocurrency exchange.
This news comes at an interesting time for Japan. Ever since the new cryptocurrency regulation went into effect, things have picked up steam. The Bitcoin price is skyrocketing, and a lot of altcoins are doing quite well on their own. Japan is quickly becoming a hotbed for cryptocurrency activity, that much is evident. GMO-Z will also offer a wallet service, although that will not be the main business venture.
GMO-Z Is Talking All Necessary Precautions
What is even more interesting is how this new exchange will be insured. Insurance is provided by Mitsui Sumitomo Kaika Kaisha Insurance Co, Ltd. If the platform suffers from cyber attacks and theft, they will be able to recover losses. The exchange aims to provide cold storage and multisignature wallet solutions as of May 24 as well. It is good to see the company take the necessary precautions before launching.
Last but not least, GMO-Z will not charge trading fees for Bitcoin transactions. There is no withdrawal fee either, which is a nice addition. GMO-Z will have around 500 million yen in reserve capital on the day it launches. Ethereum support will be added at a later stage. For now, no official ETA has been provided for the ETH listing.