GMO announces details of new Bitcoin trading platform, plans to launch two trading products first

Golden Finance News - Japanese Internet giant GMO Internet Group (GMO Internet Group, referred to as GMO) on Tuesday announced the details of its upcoming Bitcoin trading platform plan. The services provided by the new trading platform will be free of transaction fees. It is reported that the platform will provide services to citizens from May 24.

(GMO announced details of its upcoming Bitcoin trading platform plan on Tuesday. Image source: Golden Finance)

New Bitcoin trading platform officially launched on May 24

Japanese internet giant GMO has officially announced that its subsidiary GMO-Z.com Coin Co., Ltd. will launch a new Bitcoin trading platform on May 24.

(GMO-Z.com Coin Co., Ltd. was formerly known as GMO Bitcoin Wallet Co., Ltd. Image source: Golden Finance)

GMO-Z.com Coin Co., Ltd., formerly known as GMO Bitcoin Wallet Co., Ltd., was established in October 2016 to develop exchange and trading business for digital currencies such as Bitcoin. According to an announcement on Tuesday, the company began testing digital currency trading services in November 2016 and has been preparing to fully operate the Bitcoin trading platform.

Starting May 9, interested users can pre-register for an account on this new Bitcoin trading platform.

Plan to launch two products first

The bitcoin trading platform will be called “Z.com Coin,” according to the company’s announcement. Initially, it will facilitate trading in two products:

“Virtual currency FX”

“Virtual currency”

The first product type covers Bitcoin trading margin with up to 5x leverage. The second product type describes Bitcoin-JPY trading settled in Japanese Yen:

Bitcoin transaction fee is 0 yen. Bitcoin withdrawal fee is 0 yen.

At the time of the launch of the Bitcoin exchange, only Bitcoin will be available for trading, but the company plans to add trading services for other cryptocurrencies in the future. Z.com Coin will also offer more features such as charts and tools.

( The new service will be provided uniformly across Asia under the group’s global brand “Z.com” Image source: Golden Finance)

Overall, GMO-Z.com Coin plans to work with all companies within GMO to develop new digital currency services. These services will be provided uniformly across Asia under the group’s global brand “Z.com.”

Bitcoin trading platform complies with regulatory requirements

In line with the consumer protection provisions established by Japan’s newly revised Payment Services Act on April 1, GMO outlined the company’s various measures to comply with regulations set by Japan’s Financial Services Agency (FSA).

“As a countermeasure against the theft of digital currencies such as Bitcoin, we have developed a management system and security system for our customers’ assets, such as cold storage and multi-signature technology.”

Payments received by clients are calculated and verified every business day and are kept separate from the company's own funds. In addition, clients' private keys are stored separately.

“All assets deposited from customers are managed separately from GMO-Z.com Coin’s assets.”