There is yet another twist is ongoing cryptocurrency initiative by Japanese IT firm GMO. It is planning for an initial coin offering.
On Tuesday in an announcement, the token sale was unveiling. Even though few details remain unclear about revealed plans to open up a cryptocurrency mine. However, a cloud mining service is planning to use the token as part of a payment system for an upcoming series of products.
The firm explains in the statement regarding the laws as it moves launch and sells the token:
“We will consider properly the laws and regulations that are applicable to us under the current legislation including Payment Services Act and the Financial Instrument and Exchange Act, and will be conscious of the protection of token purchasers and stakeholders’ profits when designing the token sale”.
Furthermore, the coin will be redeemable for GMO’s news mining board. Initially, the company projects will be capable of 10 terahashes/second per chip. Since, firms claims that the particular boards will use less power compared to similar chips.
Additionally, in a month of December, GMO projects to launch its own mining operation in Europe.
Uncertainty, the GMO token might be based in present blockchain or it would seek to launch its own protocol.