GMO Internet Co., a conglomerate with operations in the forex and binary options trading markets, ported on Tuesday it has launched a new subsidiary, GMO Wallet Co. Ltd., with which it enters into the digital currency exchange-traded market. The new unit provides transaction services nad exchange of virtual currency.
The new company was set up on 11 October, 2016, with a headquarter office in Tokyo. It has been headed by CEO Takeshi Wakamatsu. The company is yet to launch operations.
GMO Wallet will provide a virtual currency trading environment by making full use of the know-how that the GMO Internet Group has cultivated in the Internet securities business, the holding company said in a statement. It will also promote collaboration with other group companies.
GMO Internet also said it is preparing to open an Internet bank as a new business in the financial domain, but it provided no details.
GMO Internet has decided to enter the virtual currencies market due to the favorable conditions it presents. For one thing, the market of such currencies, BitCoin and Ethereum included, is constantly growing. In addition, the Japanese finance ministry is taking steps to recognize virtual currencies as property value that can be used as a payment instrument and is working on eliminating taxes on transactions of such currencies.
GMO Internet is an internet conglomerate with a capital of JPY 5 billion. It consists of numerous companies, including forex holding company GMO Click Holdings and its subsidiaries.