DMM Group Enters the Cryptosphere
Japan’s DMM Group, a large e-commerce and entertainment company, has launched DMM Bitcoin, its very own cryptocurrency exchange. It became active on January 11th. The new crypto-trading platform is hoping to attract at least some of the 27 million DMM Group customers. As of right now, DMM Bitcoin offers trading support for Bitcoin, Bitcoin Cash, Litecoin, Ethereum, Ethereum Classic, NEM, and Ripple. All deposits and withdrawals will be processed in Japanese Yen, Ether, and Bitcoin.
The Tokyo-based company has also announced its plans to launch another crypto-exchange sometime later this year. This exchange is intended to be more user-friendly so that traditional investors who are not crypto-savvy can start entering the cryptosphere. Next Currency Inc., a subsidiary of DMM, will be in charge of introducing this exchange to the crypto-market. The easy to use exchange will be called Cointap.
DMM.com, which was founded in 1999, is primarily a rental service and online shopping conglomerate. However, it seems to have jumped onto the crypto-bandwagon like numerous other companies to benefit from the booming market of digital currencies and to help jumpstart its mainstream adoption.
Simplex Cryptocurrency Trading Platform
DMM has said that its crypto-exchange will be using the Simplex Cryptocurrency Trading Platform. This platform has built-in trading features that can be used by business management systems and even traditional investors. Currently, no other company, except for DMM, uses this platform. Simplex Inc., the company that developed this trading utility, is quite established with a respectable track record. It is well-known for providing Forex trading platforms to large companies such as SBI Holdings and the GMO Group.
In order to attract the most customers, the company’s trading platform will be accessible to smartphone and desktop users. This is a wise move considering that the majority of people access the internet using mobile phones.
Multiple Crypto Projects
The DMM Group has also ventured into the crypto-mining industry by launching its own Crypto Mining Lab called DMM Mining Labo. The mining lab will focus its efforts on the research and development of effective crypto-mining. A team of qualified experts and professionals will seek to maximize hashing power while trying to cut down on electricity usage. The company will also be providing cloud mining services and proprietary mining machines. DMM has stated that its goal is to become one of the world’s largest and most scalable mining farm operations.
The DMM Group has certainly taken on some very large and complex projects. This all sounds great on paper, but the real challenge awaits. The long-term success of these projects will depend on the competence of the groups appointed to implement them. Companies already working in the crypto-world have experienced significant problems. Many of these issues have been related to technical difficulties, like the kind Kraken experienced recently, that left many customers angry and frustrated. Let’s see if DMM will be able to truly satisfy its customers.