GMO Unveils Live Crypto Trading Platform As Mining Hashrate Hits New Highs
Internet giant GMO has delved deeper into the cryptocurrency business with the launch of a live cryptocurrency trading platform through its subsidiary GMO coins. The launch comes months barely after the Japanese company unveiled crypto exchange and trading services. By unveiling a live trading platform, the firm underlines how serious it is about pursuing opportunities in the emerging sector.
The live trading platform is still in the early stages of implementation which explains the limited number of cryptocurrencies that clients will be able to trade. For starters, the platform will only support BTC live trading, with a marker fee of 0% and a taker fee of 0.01%.
The platform will also allow traders to buy and sell up to 2BTC per order and up to 1,000 BTC per day. In a bid to sway people into signing up, the company promises zero withdrawal fees and leverage of up to 10%.
GMO has made a name for itself in the cryptocurrency space given that it operates two other crypto exchange and trading services. Its coins brokerage and margin service offer support for BTC, ETH, BCH, LTC, and XRP.
However, its mining business is the icing of the cake as it has continues to grow at an impressive rate and continues to generate significant value for the company. Rapid expansion has seen the harsh rate increase to 459 PH/s in August up from 384PH/s recorded in April and May.
GMO attributes the increase in harsh rate to the unveiling of new mining facilities as well as operating mining machines from other manufacturers. The company is planning to introduce mining machines from other manufacturers as it seeks to surpass the 800 PH/s mark in hash rate.
The company mined a total of 568 BTC and 25 BCH last month. Since the company embarked on the mining operations, it has mined a total of 2,984 BTC and 661 BCH. GMO has continued to post favorable figures as well as profits as it continues to ramp up operations when it comes to mining. Its profits could have been much higher had the cryptocurrency space not have come under pressure as has been the case for the better part of the year.