Japanese internet giant GMO, through its blockchain unit GMO Coin, announced the launch of a cryptocurrency platform, the company’s third digital currency exchange and trading service, the company said in a statement.
The launch comes even though GMO already operates two trading platforms to date: one for margin trading and another for brokerage service. The internet behemoth said the new platform aims to maximize the company’s operations by offering its customers a one-stop shop for their trading needs. The live cryptocurrency trading platform is designed to raise trade and facilitate investors’ requirements for their investment choices.
“On the exchange, all order contents are displayed as board information. Since you can see all the quantities you want to buy and the quantity you want to sell, you can trade while reading the demand of buying and selling of investors other than yourself who can neither display nor read it on the chart,” GMO Coin said in its website.
It added the new digital currency platform would also serve as a venue for clients to buy and sell digital assets based on the demand by investors.
According to GME, the platform is also a transaction service that allows its customers to withdraw the actual transaction of their Bitcoin holdings and the re-issuance of the transaction in the form of a “board.” The board format is a system in which sales and purchases are concluded when the respective orders are matched by attaching a sell order and a buy order, and the customer views the deal price as the same as the share transaction of the securities market.
The Japanese firm’s existing two platforms support Bitcoin Cash (BCH), as well as BTC, ETH, LTC, and XRP. But the latest trading platform will initially accept only BTC transactions. GMO Coin will charge a 0% maker fee and a 0.01% taker fee for its services under the trading platform while withdrawals are zero-fee, and can be leveraged up to 10 times.
In its second-quarter earnings report, GMO said its crypto-related businesses generated nearly $2.3 million (255 million yen) in the second quarter as digital currency-related revenue jumped to $23.5 million (2.6 billion yen).
In the comparable 2017 quarter, GMO’s crypto business generated income of 960 million yen and net profits of 530 million yen.