Japanese giant DMM is preparing to launch a cryptocurrency exchange resource

Japanese entertainment conglomerate DMM Group, operator of the popular e-commerce site DMM.com with an audience of 27 million, is preparing to launch a cryptocurrency exchanger. There are plans to offer 7 cryptocurrencies, 14 trading pairs and margin trading.

Japanese conglomerate DMM has announced the launch of a new service site for trading virtual currency next month. This resource starts on January 11 next year under the name DMM Bitcoin. According to the company, applications for opening accounts will begin to be accepted starting January 10. 

DMM Group previously operated Tokyo Bitcoin Exchange Inc, a small crypto trading platform approved by the Japanese Financial Services Agency (FSA). It is one of 15 Japanese exchange resources approved by the agency to date. Tokyo Bitcoin Exchange Inc was renamed DMM Bitcoin and suspended operations.

DMM Group intends to provide 7 digital currencies: bitcoin (BTC), ether (ETH), nem (XEM), ripple (XRP), litecoin (LTC), ethereum (ETC) and bitcoin cash (BCH). 

The following pairs are available for spot trading: BTC/JPY, ETH/JPY and ETH/BTC. And 14 currency pairs for leveraged transactions.

In comparison, GMO Internet's rival exchange, GMO Coin, currently supports 5 cryptocurrencies - BTC, ETH, LTC, XRP and BCH.

Trade on DMM Bitcoin will be available on iOS, Android and PC. Trading tools will also be available similar to those provided by DMM FX to foreign exchange (FX) buyers on the FX trading platform. Deposits and withdrawals are available in Japanese yen, bitcoin and ether.

In September of this year, DMM Group created a virtual currency subsidiary, and also announced its plans to become “one of the 10 largest miners in the world” next year.

According to ews.bitcoin.com