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Japanese Internet giant GMO plans to add four major currencies
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Japanese Internet giant GMO plans to add four major currencies

GMO Internet Group’s enterprise encryption Currency Exchange GMO Coin week announced four new services for its loans encryption currency, their customers through the loan program will encrypt money lent to the company, while the company will be based on borrowed encryption The currency pays the customer a certain fee. GMO launched this loan service last month and only supported Bitcoin at the beginning of its launch. But now, GMO has added Bit Cash (BCH), Ethereum (ETH), Litecoin (LTC) and Reebok to the program. Currency (XRP).

GMO Internet is encrypted Currency Exchange has increased four kinds of new loan programs for encryption currency, through the loan program, customers can place their encryption money lent to the company. The plan introduced last month, initially only support Bitcoin, but now plans to add a bit GMO for cash (BCH), Ethernet currency (ETH), litecoin (LTC) and reboxetine currency (XRP).

GMO with customers trying to take advantage of encryption monetary

Japanese company GMO Internet Group’s encryption Currency Exchange GMO Coin week announced four new services for its loans encryption currency, their customers through the loan program will encrypt money lent to the company.

The exchange explained in detail: “This service enables customers to rent the virtual currency they hold to the company, which will charge rent according to the amount of virtual currency lent .” Last month, GMO launched the service for the first time and only supported bitcoin borrowing.

Interested customers need to submit their applications between May 9 and May 23. If the number of applicants exceeds the required number, the company will draw lots to select the borrower. The target currency is BCH, ETH, LTC, and XRP.

Project Description

Customers can lend 100 to 1000 ETHs; 50 to 500 BCHs; 300 to 3000 LTCs; and 100,000 to 1,000,000 XRPs have a deadline of 150 days. Lent encryption money will be returned to the customer at the time of maturity with the same number and type.

For each loan of 100 ETH, the exchange price pays the client for 2.04109589 Ethers. For every 50 BCHs lent, the company will pay 1.02054794 BCHs. For every 300 LTCs, customers will receive 6.12328767 LTCs. For every 100,000 XRPs, the exchange will pay 2,041.0958 XRPs to customers. GMO explained that “paying costs corresponds to an interest rate of 5%/year (including tax),” and the company added that the loan fees are also subject to tax.

Licensed Stock Exchange

GMO Coin is a fully licensed already in Japan encryption currency exchange. However, the Financial Services Agency in January this year due to Coincheck hacking events strengthened the encryption currency after checking the exchange, the exchange also received one of the FSA issued a business improvement order two licensed exchanges. The other is Zaif Exchange operator Tech Bureau.

The company recently disclosed financial data of GMO Coin. Data show that the exchange’s operating loss for the first quarter reached 760 million yen (approximately US$7 million). Since the last quarter, the group operates a cryptocurrency. The cost of the business increased by approximately 560 million yen (approximately 5.1 million yuan). As for the company’s mining business, GMO revealed that it has so far mined 906 bitcoins and 537 bits of cash.

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