Japan’s GMO Internet to Use Blockchain in Its New Online Banking Business

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By Marie Huillet Japan's GMO Internet to Use Blockchain in Its New Online Banking Business18249 Total views 339 Total sharesNewsJapanese internet services giant GMO Internet Inc. has today launched a new internet banking business that will leverage blockchain as a central part of its technological arsenal. The project has reportedly been in the works since July 2016 via the 'GMO Aozora Net Bank,' in which GMO Internet, GMO Financial Holdings and Aozora Bank are joint investors. The Tokyo-headquartered internet services provider declared ¥43.705 billion (around $387.5 million) in net sales in the first quarter of 2018, up 17.5 percent from a year before. GMO's decision to harness blockchain technology at the center of its new internet banking venture is in keeping with its significant prior investments in the crypto and blockchain space. Most recently, the company has announced it will be debuting its Bitcoin-based application for in-game rewards — dubbed 'CryptoChips' — this August.

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