System failure prevented GMO Coin’s clients from connecting to the virtual currency trading service last night.
Virtual currency trading may be gathering pace but so does the risk of technical problems which appear to affect even regulated and well-reputed businesses, such as GMO Coin, the virtual currency trading subsidiary of GMO Internet Inc. (TYO:9449). Last night, clients of GMO Coin experienced problems accessing its services, the company has confirmed.
The first problems were reported around 23.00 (Japanese time) on November 13, 2017, with customers experiencing problems with exchange rates and with 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 around midnight.
The company said it continued to monitor the situation and was examining the scope of the problem.
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. Ripple and Ethereum Classic are set to join the lineup in November and December, respectively.
GMO Internet continues to build its cryptocurrency-related business. In September this year, the company announced its plans to to launch a Bitcoin mining business. GMO Internet aims to operate a next-generation mining center utilizing renewable energy and cutting-edge semiconductor chips in Northern Europe. It is set to 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.
Also, the GMO Blockchain Open Source Software Project (GMO Blockchain OSS) is progressing. In late October, the company announced that the project has entered its sixth phase, with the focus being on payments. The preceding phase of the project was dedicated to an open source KYC, in a move seen to reduce human and financial costs of identity verification through the use of the blockchain. GMO said it was also preparing for the development of smartphone application for certification body and demonstration experiments in collaboration with GMO GlobalSign to put this mechanism into practical use.