“DMM, a major entertainment conglomerates in Japan, who announced earlier this month to launch DMM Bitcoin, the cryptocurrency exchange of the entertainment giant, has finally began operation with 7 Cryptocurrencies as promised – Bitcoin (BTC), Litecoin (LTC), Ether (ETH), Ethereum classic (ETC), Nem (XEM), Bitcoin cash (BCH), and Ripple (XRP). The Group is giving away 1,000 yen, about $US9, to all customers”
The Japanese e-commerce and entertainment giant, DMM Group, has eventually launched its crypto exchange – DMM Bitcoin, which supports 7 cryptocurrencies and 14 trading pairs for leveraged transactions. DMM group has also promised to launch another cryptocurrency exchange in the Spring purposely for inexperienced investors – a firm with investors in mind.
Hurray! DMM’s Crypto Exchange – DMM Bitcoin Launched
The Japanese internet and entertainment conglomerate DMM Group planned to start accepting account opening applications on January 11 and it made the fulfillment as it launched a cryptocurrency exchange under the brand name “DMM Bitcoin”. The platform began trading on Thursday January 11, 2017.
To commemorate the grand opening, the exchange is giving away 1,000 yen, about $US9, to all customers who open a new account during the campaign period between January 11 to March 11 – you can as well take advantage.
Customers can trade either on their PC or using a smartphone with an Android or iOS app. The platform supports Bitcoin (BTC), Litecoin (LTC), Ether (ETH), Ethereum classic (ETC), Nem (XEM), Bitcoin cash (BCH), and Ripple (XRP). 14 currency pairs are available for trading. In addition to the 7 coins trading for Yen, 7 crypto-to-crypto trading pairs are also offered; they are ETH/BTC, ETC/ETH, XEM/BTC, XRP/BTC, LTC/BTC, ETC/BTC and BCH/BTC – offering easy method of transaction.
According to DMM’s announcement, the exchange is using a trading platform provided by Simplex Inc. called “Simplex Cryptocurrency.” This platform offers trading tools for general investors, business management systems, and a dealing system.
Simplex has been providing securities and FX trading systems to major banks and financial services companies such as SBI Holdings, GMO Group, Nomura Securities, Matsui Securities, Bank of Tokyo-Mitsubishi UFJ, Mizuho Bank, and Money Partners Group. The company recently started offering a cryptocurrency trading system and DMM Group is its first customer for the new service.
Another DMM’s Exchange Coming Soon For Naïve Investors
More so, a subsidiary of DMM Group, Next Currency Inc., is launching a new cryptocurrency exchange soon. Next Currency Inc. announced earlier this week that it has filed with the Japanese financial authority to register a new crypto exchange called “Cointap”.
According to Next Currency, “Cointap is a service that allows you to easily buy and sell virtual currencies from smartphones,” adding that it is “best suited for those newbies who want to start virtual currency transactions such as bitcoins” and is planned to launch this Spring.
Furthermore, the company claims:
“Since virtual currency exchanges so far are centered on services for people with knowledge and investment experience of virtual currency, they are fashionable but difficult to understand and difficult to use.”
Citing that there are many inexperienced investors who do not know how to buy or sell, the DMM subsidiary explained that Cointap will be tailored for investors entering the market for the first time.
This sounds like a great benefit and relief especially for the Japanese. What do you think of DMM Bitcoin exchange and Cointap? Let us know in the comments section below.