Japan's largest Internet giant GMO launched a Bitcoin exchange this month. Is another exchange giant born?

Bitcoin and other cryptocurrencies are booming in Japan. Cryptocurrency trading volumes continue to rise, which in turn drives up prices. In order to meet the huge market demand, Japan's largest conglomerate looks set to launch a new Bitcoin exchange. Japan's largest Internet giant GMO Internet will launch its own GMO-Z exchange platform on May 24. This move could further push Bitcoin prices to new heights.

Another Japanese Bitcoin Exchange

According to Babbitt, dozens of companies are planning to launch Bitcoin exchanges to meet the market demand for Bitcoin transactions. Therefore, it is expected that more Japanese cryptocurrency exchanges will be launched. GMO Internet is the first large conglomerate to launch a Bitcoin exchange. Although there are still two weeks before the official launch of this exchange platform, the platform pre-registration channel has been opened. It is obvious that the platform wants to have a significant impact on the cryptocurrency industry. If there are more exchanges to choose from, then it is definitely not a bad thing.

The new exchange is called GMO-Z.com. The name alone cannot be associated with Bitcoin. However, the penetration of the electronics giant in Japanese society is enough to make this new platform spread throughout Japan within a few months. In addition, GMO's decision to launch a Bitcoin exchange has been planned for a long time. According to Babbitt's report in December 2016, GMO mentioned plans to launch a cryptocurrency exchange at that time.

The timing of this news is also interesting for Japan. Japan officially recognized Bitcoin as a legal payment method on April 1, and the regulation of Bitcoin officially came into effect, putting Bitcoin on the right track in Japan. Bitcoin prices are now soaring, and many altcoins are also performing very well. Japan is quickly becoming a hotbed of cryptocurrency activity. In addition, GMO-Z will also provide a wallet service, but this will not be its main business.

GMO-Z is discussing necessary precautions

What’s even more interesting is how the new exchange is insured. Mitsui Sumitomo Insurance will provide insurance for the exchange. If the platform suffers a cyberattack or theft, they will be able to recover the losses. The exchange will also provide cold storage and multi-signature wallet solutions when it officially launches on May 24th. It’s good that the company was able to take the necessary precautions before officially launching the exchange.

Finally, GMO-Z exchange will not charge Bitcoin transaction fees, nor will it charge withdrawal fees. GMO-Z will provide 500 million yen (about 30 million RMB) in reserve funds on the day of launch. It will also support ETH transactions. The official has not yet announced when ETH transactions will be available.