Altcoins

GMO Internet Group Plans to Launch a Stablecoin

GMO Internet group, a Japanese internet company, headquartered in Tokyo, has decided to launch a stablecoin in 2019. GMO Internet group has planned to peg the stablecoin with the Japanese yen. The company has targeted the Asian market with its stablecoin, GMO Japanese Yen ( GJY ).

There are almost 53 stablecoins in the world and now GJY is under process in order to be added to the market of stablecoins by next year. Colton Robtoy, Chief Investment Officer of i94 Capital , a cryptocurrency hedge fund, has shared his opinion on the prospect and capacity of stablecoins. On the success of stablecoins, he told BlockPublisher the benefits brought by stablecoins.

Those types of cryptos will help the Under-served and Money of Last Resort users immensely.

GMO Internet group is eager for doing cryptocurrency business with the launch of its stablecoin. It will be acquiring the services of Z.com to launch GJY and conquer the Asian market. The company is undergoing full-scale preparations to ensure that it successfully ends up launching a stabilized and involatile stablecoin.

The company mentions several bright aspects that are possible with GJY. With GJY, unreliable local currency can be substituted and hyperinflation can be effectively countered. Besides hyperinflation, GJY can play an influential role in the world where cashless payments are trending exponentially. The company considers stablecoin to be more devoted and game-changer for today’s infrastructure as compared to the national currency.

This is not the first time for the company to get involved with the cryptocurrency business. Even before the announcement related to the development of the stablecoin, GMO Internet group had associations with cryptocurrency business for long. It had initiated its interest in the cryptocurrency business by launching and running a cryptocurrency exchange in May 2017 and a cryptocurrency mine in December 2017. The company recognized the need for launching a cryptocurrency while working on the ‘payment’ domain of cryptocurrency business as the other two domains, mining and exchange, were already dealt.

Stablecoins are preferred due to their stability and that’s why GMO Internet group wishes to administer stability traits in its stablecoin before launching it in 2019.

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Fatir Malik

Electrical engineer by profession, turned into blockchain developer. Fatir contributes regularly with his insights about latest developments in fintech sector. Email: fatir@blockpublisher.com or contact the editor at editor.opinions@blockpublisher.com

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