DMM Group, one of Japan’s e-commerce giants, recently launched its cryptocurrency exchange which it has called DMM Bitcoin. Prior to this, the conglomerate had launched its Bitcoin mining operations in September last year.
Now, as a part of its deepening investment in the cryptocurrency world, DMM launched the cryptocurrency exchange on January 11 this month. The exchange will offer 7 different cryptocurrencies as well as 14 trading pairs. The 7 cryptocurrencies on offer are Bitcoin, Ether, Ripple, Bitcoin Cash, Litecoin, Ethereum Classic and NEM. However, it will take at least one week before DMM Bitcoin’s volumes will be reflected in its prices.
DMM plans to target its existing customer base of around 27 million clients. The company is also planning to woo new customers. DMM Bitcoin will offer early bird promotions which will include a ¥1000 credit to the new users’ accounts as well as operations that will be free from select fees.
This project was in the pipeline for many months and has been launched at a time when Japan is strengthening its status as the world’s new center for regulated cryptocurrency trading.
Japan has been actively building its presence in the cryptocurrency market. The country introduced a new licensing scheme for cryptocurrency exchanges that has attracted a lot of interest as well as investors in the last 6 months.
The burgeoning cryptocurrency market is having a huge impact in Japan. In fact, according to finance giant Nomura’s analysts, Bitcoin trading could actually be adding as much as 0.3% to the country’s GDP. They praised the positive ripple effect that Bitcoin has had on consumer spending, which in turn as led to an impact on the country’s overall economy.
Japan is one of the few countries that has embraced Bitcoin and other cryptocurrencies.
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