Japanese entertainment conglomerate DMM Group, the operator of popular e-commerce site DMM.com with 27 million members, is preparing to launch a cryptocurrency exchange. 7 cryptocurrencies, 14 trading pairs, and margin trading will be offered.
Also read: South Korea Clarifies Position After Reports of Possible Ban on All Crypto Transactions
DMM’s Crypto Exchange Opening January
Japanese e-commerce and internet giant DMM Group has unveiled the details of its upcoming cryptocurrency exchange set to launch on January 11 of next year. The new exchange will be called DMM Bitcoin. According to the company:
DMM Bitcoin will launch a new service site for virtual currency trading on January 10, 2018, and we plan to start accepting account opening applications on January 11.
DMM Group previously operated a small crypto trading platform called Tokyo Bitcoin Exchange Inc. This platform was approved by the Japanese Financial Services Agency (FSA) on December 1. It became one of the only 15 exchanges in Japan which the agency has approved so far. Tokyo Bitcoin Exchange has been renamed to DMM Bitcoin and has suspended its services.
Launching With 7 Cryptocurrencies
DMM Group described:
There are 7 virtual currencies that can be traded, 3 currency pairs for spot trading and 14 currency pairs for leveraged transactions.
The 7 supported cryptocurrencies are bitcoin (BTC), ether (ETH), nem (XEM), ripple (XRP), litecoin (LTC), ethereum classic (ETC), and bitcoin cash (BCH). Spot trading is available for trading pairs – BTC/JPY, ETH/JPY and ETH/BTC. Leverage of 5x is available for 14 trading pairs. While there is no transaction fee, the leverage fee is 0.04% per day.
In comparison, rival GMO Internet’s exchange, GMO Coin, currently supports 5 cryptocurrencies – BTC, ETH, LTC, XRP, and BCH. This exchange offers 5x, 10x, and 25x leverage at a fee of 0.05% per day.
Trading on DMM Bitcoin is available on iOS, Android, and PC. Trading tools will also be available similar to those offered to foreign exchange (FX) trading customers on DMM FX, the company’s FX trading platform. Deposits and withdrawals are available in Japanese yen, bitcoin, and ether.
In September, DMM Group established a virtual currency subsidiary and also announced its plans to become “one of the 10 largest mining farms in the world” next year.
What do you think of DMM launching a crypto exchange? Would you use it? Let us know in the comments section below.
Images courtesy of Shutterstock, Japanese FSA, and DMM Group.
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