DMM Bitcoin: Japan’s Newest Crypto Exchange Launching on January 11
DMM.com Group, an entertainment conglomerate based in Japan, has provided details for the upcoming launch of their cryptocurrency trading service.
Dubbed DMM Bitcoin, the virtual currency trading platform will launch its new site on January 10, 2018. The acceptance of applicants wishing to open accounts will begin on January 11.
As of December 12, DMM Bitcoin replaced the name of Tokyo Bitcoin Exchange Co., also a subsidiary of DMM.com Group, which had recently become one of four new cryptocurrency exchanges approved by the Japanese Financial Services Agency (FSA) on December 1, making that 15 approved exchanges after 11 were validated on September 29.
DMM Group, among other things, manage the world renowned e-commerce site DMM.com, whose core business areas include online shopping, a rental service, and a video-on-demand service. As of June this year, the site boasted 27 million members.
Regarding DMM Bitcoin’s upcoming launch, further specificities were provided by the company in their latest press release:
“There are 7 virtual currencies that can be traded, 3 currency pairs for spot trading and 14 currency pairs for leveraged transactions.”
The seven cryptocurrencies being traded on DMM Bitcoin are Bitcoin (BTC), Ether (ETH), Nem (XEM), Ripple (XRP), Litecoin (LTC), Ethereum Classic (ETC), and Bitcoin Cash (BCH). Each of these virtual currencies feature in the top ten (by market cap) at the time of writing, according to CoinMarketCap.
The three currency pairs for spot trading are BTC/JPY, ETH/JPY, and ETH/BTC. Leverage of 5x is available for 14 trading pairs. No transaction fees exist, but there is a leverage fee of 0.04% per day.
Fellow Japanese internet-based behemoth, GMO Internet, also operates an active virtual currency exchange known as GMO Coin which launched in May of this year (as GMO-Z.com Coin but since rebranded). Compared to DMM Bitcoin, they offer only five cryptocurrencies for trading (BTC, ETH, LTC, XRP, and BCH). Whilst their leverage fees are 25% more expensive (0.05% per day), the exchange does offer the ability to leverage at 5x, 10x, and 25x.
This isn’t the first time that this tit-for-tat dynamic between the two competitors has played out in the cryptocurrency ecosystem. It was only in September when GMO Internet announced that they were planning a new Bitcoin mining business, which just so happened to launch days ago on December 20. Lo and behold, on the very next day, DMM.com Group announced that they too were entering the cryptocurrency mining business, after creating their own Virtual Currency Division that was to commence trials in October, boldly claiming that “during the year 2018, DMM will be one of the 10 largest mining farms in the world.”
Fuelling this fervent rivalry is the fact these two companies boast the world’s two largest forex companies in terms of trading volume. GMO Click Securities is the world leader, having held such a position since 2012, whilst DMM.com Securities occupies second place.
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