GMO Group partners with INX to bring GYEN and ZUSD stablecoins to investors
The Japanese internet conglomerate, GMO-Z.com Trust Company, has announced today that it has tied up with INX Limited, a company that operates digital asset exchanges, for introducing GYEN and ZUSD stablecoins to its retail and institutional investors.
Both these companies have entered into the crypto space in a big way with both companies tying up with major crypto partners to drive their growth. INX had recently announced that it was going to introduce the first SEC-approved security token on its platform while GMO had announced that it was tying up with Binance to introduce the GYEN stablecoin which would be pegged to the Japanese Yen.
“INX is proud to partner with a global financial services powerhouse that is issuing financial-grade stablecoins.” Douglas Borthwick, Chief Business Officer at INX said, “GMO has a very synergistic portfolio of businesses that directly align with our institutional customer base, which we are ideally positioned to service on the digital asset side as a US regulated exchange.”
GMO Group has been one of the largest FX exchanges in the world for well over a decade and would bring in a lot of experience in the trading and institutional investment field having been a giant in Asia for many years.
INX has been diligently pushing to get its endeavors approved and regulated by the SEC which would mean that with the support of the regulators, it would be able to push its products to its core audience, the institutional investors, in a much easier manner.
“We’re now entering into a new era where highly regulated exchanges are preparing to service tier, one institutional trader.” Ken Nakamura, CEO of GMO Trust said. “We’re thrilled to be working with INX, who have built their exchange in accordance with top U.S. regulatory standards. This level of compliance, safety, and technology will attract the largest financial firms to their platform.”
This partnership is likely to be a big boost for INX which is just about starting their operations and if the trading volumes pick up and the initial interest shown by the investors is sustained, then it would be a boost for the GYEN stablecoin as well. It would be interesting to see how ZUSD stablecoin would fare as it has been piggybacking on GYEN all along with the partnerships that the GMO Group makes and we will have to see whether it would eventually be pitched as a challenger to the USDT and USDC stablecoins at some point of time.