Japanese e-commerce holding DMM Group launches a cryptocurrency exchange
Japanese e-commerce conglomerate DMM Group has launched a homegrown cryptocurrency exchange called DMM Bitcoin in a second market venture.
Following the release of its mining operation in September 2017, DMM formally opened its exchange orderbook Thursday Jan. 11, offering seven cryptocurrencies and 14 trading pairs.
DMM Bitcoin has a potential customer base of 27 mln existing DMM clients in addition to outside interest. Currently on offer are Bitcoin, Ethereum, Litecoin, NEM, Ripple, Ethereum Classic and Bitcoin Cash.
The company’s announcement of the exchange promises promotional benefits to early sign-ups, including a 1,000 yen account credit and select fee-free operations.
The project had been in the pipeline for several months and comes as Japan continues to cement its status as the world’s new regulated cryptocurrency trading hub.
Commenting on the launch, English-language podcast Thinking Crypto forecast that it would be around a week until the exchange’s volume was reflected in prices.
Cryptocurrency exchanges have become big business for Japan’s economy over the past six months, with the introduction of a licensing scheme that has attracted considerable interest.
Pundits are also keenly aware of the benefits Bitcoin potentially holds for consumer culture. Last month, analysts from Nomura even suggested Bitcoin was adding 0.3 percent to Japan’s GDP.