Japan’s GMO Internet Group to Launch Yen-Backed Stablecoin in 2019

On Tuesday (9 October 2018), Japan's GMO Internet Group announced via a press release that it is planning to plan to start issuing a yen-backed stablecoin ("GJY") for the Asian region in the fiscal year 2019, and make it available via Z.com

Tokyo-headquarted GMO Internet Group consists of 111 companies worldwide. It serves 10.5 million customers across four business segments: "Internet Finance", "Cryptocurrency" (Mining, Crypto Exchange, and Settlement), "Online Advertising & Media", and "Internet Infrastructure". The biggest part of the business is Internet Infrastructure (51.5% of the business; 9.27 million customers) is made up of "Domain Registry", "Domain Registrar", "Hosting & Cloud", "Security", "Payment", "Ecommerce Solutions", and "Internet Service Provider".

With regard to its crypto mining business, which started in December 2017, its mining operations are based in two countries in Northern Europe. Also, it sells mining hardware: its new "GMO Miner B3" which has a hashing power of 24-33 TH/s and costs $1,999 is supposed to come out later this month.

Also worth mentioning is that GMO Internet owns "Z.com", which is one of only three single-character domain names available in the .com namespace. This is GMO Internet Group's global brand.

GMO Internet is not the only company planning to launch a yen-collateralized stablecoin. Tether, which already supports the dollar and the euro, says in the FAQ section of its website that "soon" it plans to also offer a yen-backed Tether ("JPYT").

Also, on 18 September 2018, South China Morning Post reported that "Grandshores Technology Group, a Hong Kong-listed contractor-turned-blockchain investor, plans to raise HK$100 million (US$12.7 million) via a digital token fund to finance a yen-backed cryptocurrency project." The new stablecoin's launch is expected to take place by the end of 2018 or early 2019.

 

Featured Image Courtesy of GMO Internet Group

Japanese Crypto Exchange Liquid Cancels Sale of Telegram's Gram Tokens

Japanese cryptocurrency exchange Liquid has canceled the sale of Telegram’s soon-to-be-launched cryptocurrency Gram, over the Telegram Open Network’s (TON) launch delay.

According to an announcement the exchange posted, the delay in the cryptocurrency’s issuance due to charges brought by the U.S. Securities and Exchange Commission (SEC) forced it to cancel the sale, despite it being the first exchange to hold a public sale of the token.

Liquid detailed that it’s now starting to refund investors of the token sale’s cancellation, adding that the delay in the issuance of the token violated its terms of service. Its announcement reads:

The Gram Token Sale on Liquid has been canceled, and all funds previously held in escrow by Liquid have been returned to Liquid users who participated in the Gram Token Sale.

The cryptocurrency exchange noted that under its terms of service, it’s required to “return all funds committed by Liquid users in the Gram Token Sale due to the fact that the TON mainnet was not launched by 30 November 2019.”

As CryptoGlobe covered, Telegram’s token sale was halted by an emergency restraining order filed by the SEC, which considered Telegram didn’t properly register for the $1.7 billion initial coin offering. The privacy-centric messaging app has been fighting the regulator since, refusing to share “highly relevant” records with it regarding the ICO.

The two parties are set to face in court at the next hearing, which is scheduled for February 18-19.

Featured Image Credit: Photo via Pixabay.com