Coin reschedules full-scale launch of services for end of May 2017

Maria Nikolova

GMO postpones the full-scale launch by a week referring to the necessity to adapt the infrastructure to the growing volume of bitcoin transactions.

A follow-up to FinanceFeeds’ article concerning the planned launch of virtual currency FX services by Coin (formerly known as GMO Wallet), a part of GMO Internet Inc. (TYO:9449)…

The company has announced a change in the schedule of the service rollout, and is delaying the launch by a week, that is, instead of May 24, 2017, the full-scale services will be provided from May 31, 2017. GMO apologizes to those affected by the delay.

The company explains that the postponement of the launch reflects the recent increase in volumes of bitcoin transactions, which requires the adjustment of the system and additional checks for its security and stability.

GMO – Coin started accepting applications for trading accounts on May 9, 2017. The growing interest in bitcoin and the new Japanese regulations for the virtual currencies (including favourable tax treatment) are among the factors justifying the business rationale for the launch of the service.

GMO – Coin Co., Ltd. was established in October 2016 in order to be GMO Internet’s virtual currency exchange and trading business. In November 2016, GMO commenced carrying out tests for virtual currency trading services and since then the company has been setting the stage for full-scale operations.

This is not the first time that GMO enters into the virtual currencies segment. For example, in February 2016, GMO Internet sealed a business partnership with Tech Bureau to develop back-end engine for games based on Tech Bureau’s private blockchain technology.

Blockchain has become the centre of attention for many companies in Japan lately. In the end of November 2016, Tokyo Stock Exchange, Inc. (TSE) announced that TSE, Osaka Exchange, Inc. (OSE) and Japan Securities Clearing Corporation (JSCC) were setting up a consortium of Japanese financial institutions to keep conducting proof of concept (PoC) testing and explore the possibility of applying blockchain or distributed ledger technology (DLT) to capital market infrastructure both from technical and operational perspectives.

JPX established an internal research group in 2015 to explore the applicability of DLT to capital market infrastructure. The research showed that DLT has the potential to transform the capital market structure. Coin is poised to harness the experience in the online services business of its parent GMO Internet, as well as the Forex trading know-how of GMO Click Securities.

Read this next

Industry News

Nuvei enters China following licenses in Australia, Singapore, and Hong Kong

The expansion into China represents more than just a geographic milestone for Nuvei. It also adds an essential component to the company’s comprehensive suite of alternative payment methods (APMs), which currently counts 634 different options. These APMs play a crucial role in catering to local market preferences, thereby enhancing Nuvei’s value proposition for businesses looking to penetrate new markets within the APAC region.

Institutional FX

LiquidityBook launches LBX PMS 2.0 after acquiring Messer

With this rollout, LiquidityBook aims to meet the diverse requirements of its clientele, ranging from startup hedge funds and asset managers to broker-dealers and outsourced trading desks.

Institutional FX

Celoxica enters Australia to offer low latency market data and execution services in APAC

“There is a significant opportunity to deliver fast and efficient market access to APAC financial market participants, including trading firms, brokers, exchanges, and service providers. I am eager to extend our reach in this crucial market.”

Institutional FX

Cboe to launch four new Credit Volatility Indices (Credit VIX)

“The Credit VIX Indices are expected to provide new clear signals on bond market sentiment, and act as a new barometer of corporate credit risk in North America and Europe.”

Executive Moves

TradeZero hires Leo Ciccone as Chief Compliance Officer (CCO) for TradeZero Canada

“Leo brings to TradeZero broad and comprehensive experience coupled with deep business and regulatory relationships that will assist us in ensuring we meet and exceed industry best practices and to further our growth initiatives going forward,”

Institutional FX

Apex launches fractional fixed income trading for retail investors

“The ability for people – and not just high net-worth investors – to easily add fixed-income and diversify their portfolios is a game-changer.”

Institutional FX

MarketAxess launches Open Trading for EM local currency bonds

In an era where diversification and hedging against market risks have become imperative, this new feature could very well serve as a linchpin for international investors looking to diversify their fixed-income portfolios with EM local currency bonds.

Industry News

CFTC Chair Behnam’s keynote speech at FIA Expo 2023 focused on FX and Crypto frauds

Over the past fiscal year, the CFTC has levied more than $6 billion in monetary relief through various enforcement actions. The agency is also moving against entities falsely claiming to be CFTC-registered futures commission merchants (FCMs) and registered foreign exchange dealers (RFEDs).

Market News

Australia’s Trilateral Economic Ties with the US and China

Australia’s leading stock market index, the S&P/ASX 200, has been on a downward trend for the past three weeks. From a technical perspective, the price still remains in a consolidation, but the occurrence of lower highs indicates increasing selling pressure, and potentially a descending-triangle.