Japan’s DMM unveils details of upcoming cryptocurrency exchange

An operator of DMM Group has released details of the cryptocurrency exchange that will be launching a cryptocurrency exchange on January 11 and has given more details on the same.

The new exchange: DMM Bitcoin and will offer 7 cryptocurrencies, 14 trading pairs, and margin trading. Therefore, account opening will start on January 11.

The Group said,

“There are 7 virtual currencies that can be traded, 3 currency pairs for spot trading and 14 currency pairs for leveraged transactions”.

The seven coins include Bitcoin (BTC), Ether (ETH), Nem (XEM), Ripple (XRP), Litecoin (LTC), Ethereum classic (ETC), and Bitcoin cash (BCH). Spot trading is available in BTC/JPY, ETH/JP, and ETH/BTC trading pairs. Leverage of 5x is available for 14 trading pairs. It will charge a leverage fee of 0.04% per day but there are no transaction fees.

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The Group’s smaller crypto trading platform Tokyo Bitcoin Exchange Inc. It was approved on December 1 by the Japanese Financial Services Agency (FSA). However, it is among the 15 exchanges with legal documents to trade in Japan. However, the group has renamed it to DMM Bitcoin and suspended its operations.

Customers will use the platform on iOS, Android, and PC. Thus, access tools similar to those offered to foreign exchange (FX) trading customers on DMM FX trading platform. Customers can withdraw in yen, bitcoin, and ether.

The company said in September it wants to become “one of the 10 largest mining farms in the world” and established a virtual currency subsidiary. It said Bitcoin and Ethereum are among currencies expecting to be currencies of the next generation.

Also Read: Four cryptocurrencies to trade on Euro Bank Swissquote

“DMM Mining Farm” will operate a mass-scale, made-in-Japan quality. However, mining farm whose operating size will not be similar by any of the domestic operators. In the future, DMM plans the operation that ranks in top three of the world’s mining farm companies in terms of scale.

More people will also be able to use “DMM Cloud Mining.” The company has  27 million members on its platform.

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Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

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