The Japanese internet giant GMO Internet Group on Tuesday released details of its upcoming bitcoin trading platform. The new service will offer zero trading fees and will be available from May 24.
GMO Launching ‘Full-Scale’ Bitcoin Trading Platform
The Japanese internet giant GMO Internet Group has officially announced that its subsidiary, GMO-Z.com Coin Co. Ltd, is launching a bitcoin trading platform on May 24.
Formerly known as GMO Wallet Co. Ltd, GMO-Z.com Coin Co. Ltd was established in October 2016 to develop a digital currency exchange and trading business. The company started testing digital currency trading services in November 2016 and has been preparing for a full-scale operation ever since, according to Tuesday’s announcement.
Starting on May 9, interested users can pre-register for an account on this new trading platform.
Two Products Planned at Launch
The platform will be called “Z.com Coin”, according to the company’s announcement. Initially, it will facilitate the trading of two types of products:
- “virtual currency FX”
- “virtual currency”
The first product type describes bitcoin margin trading, with leverage of up to 5 times. The second product type describes bitcoin trading in Japanese yen with the following fee structure:
[Bitcoin] Trading fee “0 yen”. Bitcoin withdrawal fee “0 yen”
At launch, only bitcoin will be supported but the company plans to support other cryptocurrencies in the future, starting with Ethereum. Z.com Coin will also offer more functionalities such as charts and tools.
Overall, the company plans to develop new digital currency services in cooperation with all companies within the GMO Internet Group. These services will be offered throughout the Asian region under the group’s global brand “Z.com”, the company details.
Complying with Regulatory Requirements
Citing provisions for consumer protection established by the revised fund settlement law which took effect on April 1, GMO Internet Group outlines various measures the company has taken to comply with rules set forth by the Japanese Financial Services Agency (FSA).
“As a countermeasure against theft of virtual currencies, we have developed a management system and security system for customers’ assets, such as adopting cold storage and multi-signature,” the company wrote.
Money received from customers is calculated and verified each business day, separate from the company’s own funds. In addition, customers’ private keys are stored separately, the company conveyed. “All assets deposited from customers are managed separately from the assets of GMO – Z.com Coin.”
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Images courtesy of Shutterstock and GMO Internet Group
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