The company also announced plans to start issuing the stablecoin for the Asian region by the start of the fiscal year 2019.
GMO Japanese Yen (GJY)
Japanese behemoth, GMO Internet Inc. announced saying,
It will start full-scale preparations to issue stable coins of virtual currency, with an eye to entering into the ‘settlement’ area of virtual currency business.
The stablecoin aims to penetrate the Asian market through the unified brand, Z.com. Z.com is an exchange by GMO Internet in its plans to enter the cryptocurrency market. GMO founder and president Masatoshi Kumagai told, We have banks and trust licenses in Japan, so we will issue (GJY) in Asia, but we can store assets in Japan as well.”
And tried to reassure users by saying, “If that happens, everyone will not be worried like with Tether; it can be said that GMO has a bank there and keeps fiat there.” GMO added saying, GJY will be…
An ideal currency that combines high creditworthiness, low fees and speed of remittance” and “By issuing the yen-pegged currency, GMO Internet will continue to support borderless transactions with creditworthiness.
GMO and Crypto Space
GMO launched the exchange Z.com in May 2017 and also has a mining business that started back in December 2017. The company has thus shown interest in entering the ‘cryptocurrency payment’ business as well. However, stablecoin is the latest addition to GMO’s bid to enter the crypto-space. The firm believes in true decentralization and hopes that stablecoins can be a solution to this.
GMO also believes that stablecoins have the potential to become a “global standard innovative financial infrastructure. And that GJY will help stabilize price volatility, which is hindering the growth of virtual currencies. There are a total of 57 stablecoins in the world, 23 of which are already in circulation, and now GMO adds another.
Any thoughts? Have you used Z.com yet?
You can also read:
- London Block Exchange Launching LBXPEG stablecoin backed by Pound
- Circle’s USDC Stablecoin Enters the Realm
- Crypto Exchanges to Add Stablecoins to Reduce RBI’s Impact in India
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