GMO: Japan's largest Forex market opens Bitcoin exchanges on overwhelming demand

The long-awaited Bitcoin exchange of Z.com Coin, a new division of Japan's leading provider of Internet and Forex trading services, GMO, recently opened up to astounding traffic volumes.

---

The long-awaited exchange of Bitcoin from Z.com Coin, a new division of Japan's leading provider of Internet and Forex trading services, GMO, recently opened up to astounding traffic volumes.

Having been temporarily delayed due to Bitcoin's high levels of commercial traffic last week, the exchange programmed its launch again on Wednesday, when high levels of traffic caused the site to be offline, resulting in a Maintenance message to visitors on the first day of service.

"Due to the concentration of access after the site was launched today at 8pm, some customers are not available, so we are currently in urgent maintenance. We apologize for any inconvenience, but wait a while until maintenance is complete. "

• Z.com Coin (translated)

The parent company GMO and its venture capital arm, GMO Ventures, were both long-term investors of the main Japanese exchange BitFlyer. Plans for GMO-Z.com Coin Co. Ltd. were first announced in October 2016, when the Japanese government started talking positively about Bitcoin's regulation.

The company began testing its digital currency trading service the following month, and has been preparing for a large-scale Bitcoin exchange with margin accounts since. Pre-registration for the exchange platforms was opened on May 9, with a full launch originally scheduled on May 24.

However, as the deadline approached and Bitcoin's price and volumes were at record highs, the company delayed its launch for a week due to the excessive growth in the number of Bitcoin transactions since its announcement on May 9.

"We will provide customers with a stable trading environment and judge whether additional service verification and system tuning is necessary for the platform to be used with confidence. The service start date has been postponed until May 31, 2017. "

• Z.com Coin

In May, GMO officially announced the exchange, about a month after Japanese law allowed Bitcoin to be regulated as a type of money to take effect. Initial service demand was probably due to GMO's existing customer base.

GMO Click Securities is the world's largest FX broker by volume, a position it has held since 2012. With $ 900 billion dollars in foreign exchange traded during 2016 in its own bag, nothing more. The company estimates that the size of the Japanese market for cryptomonedas will grow to 1 trillion yen per daily volume, or $ 8.7 billion per day in a few years.

A demographic of the Japanese retail investor in particular, is a large women-dominated group known as "Mrs. Watanabe, "it has been known that they prefer to do Forex trading through margin accounts (with borrowed money to bet in both directions, both the loss and the gain in larger amounts of money than they have in cash), and Says it controls the $ 40 trillion divisad market at times.

Watanabe's preferred platform for multi-day trading is GMO's Click FX platform, after which it was modeled Z.com Coin.

With this launch, high-profile investors now have easy access to trading their currencies against Bitcoin for the first time, in a regulated environment.

The Financial Times recently noted that the race was between several Bitcoin companies to provide with a Bitcoin trading platform for the " Watanabe ".

"The process is costly, demanding, tied with invisible trap wires, but by any measure, it will succeed," the publication said. However, "the prize, however, could be spectacular."

"In recent years, the rate of recognition of virtual currency in Japan has increased, and the revision of the law of liquidation of funds regulating trade, etc., of the virtual currency has entered into force on April 1, 2017 "The consumption tax on virtual currency is adjusted in the direction of tax exemption, and it is anticipated that the future use of the virtual currency will expand in the future."

• Z.com Coin

Two Plans Available

Z.com Coin is offering two types of account plans for users, known as "Simple" and "Full Access". With Simple, the website does not ask for much identifying information, so customers can set it up quickly. However, they can only treat the change as a cryptocurrent portfolio where they can buy coins, make dep