GMO Coin to add more virtual currencies to lineup, including Ethereum, Bitcoin Cash - FinanceFeeds

GMO Coin to add more virtual currencies to lineup, including Ethereum, Bitcoin Cash

The first new currencies to be added to GMO’s virtual exchange offering, on top of Bitcoin, are Ethereum (ETH) and Bitcoin Cash (BCH).

Less than a fortnight after GMO Coin, the virtual currency business of GMO Internet Inc. (TYO:9449), announced that it will make Bitcoin Cash withdrawals available for its clients, the company takes another step towards expanding its offering.

Today, GMO Coin said it plans the addition of five crypto currencies to its offering, including Ethereum (ETH), Ethereum Classic (ETC), Bitcoin Cash (BCH), Litecoin (LTC) and Ripple (XRP). Ethereum and Bitcoin Cash are the first new currencies to become available for buying/selling, in addition to Bitcoin. These currencies are set to join the lineup towards the end of this month.

The addition of LTC and ETC is scheduled for October this year, whereas the Ripple is set to become available in November.

The company also plans to make leveraged trading with these currencies available at some point this year.

Elaborating on the rationale for the increased lineup, GMO said that it seeks to respond to client demands for these currencies. The company also noted the rising trading volumes of crypto currencies other than Bitcoin. GMO promises enhanced trading tools for the clients of its virtual currency business.

In today’s announcement, GMO Coin mentioned the plans by GMO Internet to launch a Bitcoin mining business in the first half of 2018.

The company will operate a mining center utilizing renewable energy and cutting-edge semiconductor chips in Northern Europe. It will use cutting-edge 7 nm process technology for chips to be used in the mining process, and will collaborate on its research and development and manufacturing with an alliance partner having the necessary semiconductor design technology.

GMO Internet would not specify the amount of expenses related to the launch and the necessary technology development but it said these expenses will be more than 10% of the consolidated non-current assets as of December 31, 2016 (¥3,489 million).

Another Japanese online services provider – DMM.com, has also unveiled plans to establish a virtual currency mining business. The operations of the “DMM Mining Farm” are set to commence in October.

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