Big news for Cryptocurrency!!!
Japanese e-commerce conglomerate DMM Group has launched a homegrown cryptocurrency exchange called DMM Bitcoin in a second market venture.
Following the release of its mining operation in September 2017, DMM formally opened its exchange orderbook Thursday Jan. 11, offering seven cryptocurrencies and 14 trading pairs.
DMM Bitcoin has a potential customer base of 27 mln existing DMM clients in addition to outside interest. Currently on offer are Bitcoin, Ethereum, Litecoin, NEM, Ripple, Ethereum Classic and Bitcoin Cash.
The company’s announcement of the exchange promises promotional benefits to early sign-ups, including a 1,000 yen account credit and select fee-free operations.
The project had been in the pipeline for several months and comes as Japan continues to cement its status as the world’s new regulated cryptocurrency trading hub.
Commenting on the launch, English-language podcast Thinking Crypto forecast that it would be around a week until the exchange’s volume was reflected in prices.
Japan has been one of the first countries to approve, regulate and support cryptos. This has been a major force to drive the prices of cryptos worldwide. What I would be asking is what unique services would DMM group bring to the exchange sites world, as many of them are already launched from Japan. Still time will tell as the competition between those exchanges gets fiercer. Right now, they are on a booming economies of scale ride, where demand is much larger than supply, so quality is still not really attended to.
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