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.

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