GMO Internet Group about to roll out yen-pegged stablecoin

Posted 09 October, 2018

Japan-based big fish in the IT industry – GMO Internet – is about to launch its own stablecoin in 2019. The asset is said to be pegged to the Japanese yen.

The company plans to bring out the new coin GMO Japanese Yen (GJY) to Asia via its exchange department Notably, the latter was created under a large-scale project for joining the crypto sector.  

GMO Internet representative made a statement today that the project team is getting ready for the launch. GJY is said to be used for GMO's own blockchain-based transactions since the holding is an operator of mining farms. In addition, another application of the stablecoin will be cross-border transactions via joint web banking business with Aozora banking group.

"GMO Internet positions the cryptocurrency business as its strategic business sector and is already engaged in cryptocurrency exchange business and cryptocurrency mining business. Starting with the launch of the new “Yen-pegged currency,” we will now support borderless cryptocurrency transactions," reads the company statement.

For reference, GMO Japanese Yen will be the second stablecoin that is pegged to the Japanese yen, following a similar project voiced by China's  Xiong’An this September.

It is worth mentioning that fiat-pegged coins become more and more popular now. Specifically, Gemini exchange, Paxos and Circle have launched such assets lately. Moreover, London Block Exchange expressed intentions to develop a stablecoin pegged to the sterling.

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10 October, 2018 10:45

← Poloniex run by Circle releases new trading apps

Poloniex trading platform run by Circle company unveiled new mobile applications to boost crypto trading experience. The new applications come for iOS and Android devices and supports 9 languages. Circle has made huge work and investment to increase performance and support further growth of the exchange applying the corresponding experience and technical skills of the Circle team - a backlog of support tickets was reduced by 97%, with the bulk of the tickets being processed fast on the same day. Along with new apps, the exchange is pleased to announce the listing of four new coins (EOS, SNT, KNC, BAT, LOOM, QTUM) and stablecoin (USDC). At the same time, 18 assets were delisted as they failed to comply with the company requirements. 

Poloniex run by Circle releases new trading apps

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09 October, 2018 14:47

Switzerland issues first license for crypto asset management →

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Switzerland issues first license for crypto asset management
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