GMO Coin adds Litecoin to offering

Maria Nikolova

Litecoin joins other virtual currencies available to clients of GMO Coin, including Bitcoin, Bitcoin Cash, and Ethereum.

GMO Coin, the virtual currency business operated by GMO Internet Inc. (TYO:9449), continues to expand its offering in line with previously unveiled plans.

As of today, clients of GMO Coin may make use of buying and selling Litecoins, the latest addition to the offering, which already includes Bitcoin, as well as Bitcoin Cash and Ethereum. The company noted in its announcement that the expansion of the offering reflects requests of its clients. It is also launching a campaign of spread-reduction on the virtual currencies to promote these products.

GMO Coin is also planning to add Ripple and Ethereum Classic to its offering, with their launch scheduled for November and December, respectively.

GMO Internet keeps building its cryptocurrency-related business. In September this year, the company announced its plans to to launch a Bitcoin mining business. GMO Internet will operate a next-generation 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. The launch is scheduled for the first half of 2018.

In the meantime, GMO Blockchain Open Source Software Project (GMO Blockchain OSS) continues to advance. The latest, fifth phase of the project is about creating an open source KYC. This KYC mechanism can be used in various areas that require identity verification, such as opening a bank account, creating a credit card, and trading at token exchange. It leads to a streamlined process to verify identity through sending written documents and to a reduction in financial costs.

In the preceding phase of GMO Blockchain OSS, the company partnered with GMO-Z.com RUNSYSTEM JSC to demonstrate the security applications of blockchain technologies. One area in which this collaboration works is deterring illegal resale of tickets and the rollout of paperless tickets that are protected via the new technology. In the end of August, GMO Internet announced the launch of the third phase of GMO Blockchain Open Source Software Project, introducing its new Region Token.

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