GMO Coin clients unable to access services for 5 hours

Maria Nikolova

The company did not specify the reason for the outage but managed to restore normal operations.

Tech issues continue to plague the crypto currency world. Clients of GMO Coin, the virtual currency trading subsidiary of GMO Internet Inc. (TYO:9449), had some rough time today, as they were unable to connect to the services for about five hours.

The company has confirmed that the problems started around 14:00 (local time) on January 4, 2018, with many of the customers not being able to access the platform. GMO Coin did not specify the particular reason for the problems but said that it managed to restore the normal operations around 19:00 (local time) today.

In the meantime, the social media channels of the company were flooded with angry comments of disgruntled traders.

This is not the first time that GMO Coin suffers such problems. The company reported similar issues in November. On November 13, 2017, its customers experienced problems with exchange rates and connecting to the platform. GMO Coin has dubbed the incident a “system failure” but did not provide any details on the cause for what had happened. The service was restored several hours later.

GMO Coin, which officially launched in May this year, is gradually expanding its services. In September, it added Bitcoin Cash and Ethereum to its offering, whereas in October, it added Litecoin. The launch of Ripple was, however, followed by a period of restrictions.

GMO Internet continues to push into the world of virtual currencies. In September 2017, GMO Internet unveiled 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. The start of the operations is scheduled for the first half of 2018.

Another endeavor related to the crypto-world is GMO Blockchain Open Source Software Project (GMO Blockchain OSS). The latest, sixth phase of the project focuses on payments, whereas the fifth phase saw launch of open source KYC, in a move aimed at reducing human and financial costs of identity verification through the use of the blockchain.

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