GMO Internet
GMO Internet is the 1st Section listed Internet company of the Tokyo Stock Exchange. Along with it, the company considered being the holding company of GMO Internet Group. Its head office situated in Shibuya, Tokyo, Japan. This Internet service industry leader operates as well as develops most widely used domains, hosting and cloud as well as security and payment solutions. It also has an FX trading platform which considered to be the world’s most extensive cryptocurrency-related services.
Recently, it also announced that the company holding internal testing of blockchain is preparing for the launch of a Japanese yen-pegged stablecoin which is going to be called “GMO Japanese YEN or GYEN. It is being speculated to come out in the very first half of 2020 outside of Japan once it gains all the receipts of necessary regulatory approvals.
The global brand for overseas strategies of GMO Internet Group which goes by the name Z.Com will undertake the GMO’s Internet development and planned launch of GYEN. The GYEN blockchain development has already completed, and they are currently carrying out extensive internal testing of the technology to ensure no errors once made public.
The main aim of GMO Internet is to support borderless trading, payments, etc.. and applications of technology in the financial, technological field through the use of GYEN.
Stabilising the price volatility that poses a risk to global remittance and payments is the significant challenges faced by companies indulging with cryptocurrency. In these circumstances, stable coins come out as a solution as price-stable cryptocurrencies.
GMO Internet Group researches the potential of stablecoins to enable the mainstream adoption of cryptocurrency in the financial model by stabilising the price volatility. The company first launched its cryptocurrency exchange in May 2017, and cryptocurrency mining operation came into existence in December 2017. Both of these features adopted by the company were launched in Japan.
The stable coin which GMO plans to launch will be a “fiat-collateralised” backed by Yen. Z.com is the global brand for overseas procedures of GMO Group. The launch of GMO’s stablecoin GYEN planned to arranged through Z.com. GMO had announced a hold on their blockchain testing amid the launch of GYEN.