Japan's GMO Internet Reports ‘Historical Q3 Performance’ for its Crypto-Related Businesses
Japanese IT giant GMO Internet reveals that profits for its crypto exchange and mining segment have shown a visible rise in Q3.
GMO claims its crypto businesses, including mining equipment production and its crypto exchange, have gained 2.6 billion yen ($22.8 million) in revenue over the third quarter “in just a year since the launch.”
GMO Coin, an exchange platform launched by the company, has reportedly seen up to 208,000 users trading about 89 billion yen ($781 million) in October. GMO also reports that the profits are up 34.4 percent quarter on quarter (QoQ).
In the meantime, the revenues for GMO’s mining segment are also up QoQ, but profit has been down in the second and third quarters. The company yet again links the decrease to the “worsening external environment” and “increasing depreciation cost.” According to the statistics provided by GMO, in October their mining hashrate equaled 674 petahash per second (PH/s), but the company is planning to reach 800 PH/S within the year.
As for new mining rigs, the delivery of the GMO Miner B3 announced back in July and scheduled for October has been postponed due to the delay of some electronic components.
The company has also changed a ticker for its yen-backed currency, GMO Japanese Yen, from GJY to GYEN. The company announced the creation of the cryptographic stablecoin tied to Japanese fiat in early October, which targets international transactions and is set to launch in 2019.
In March, the Japanese Financial Services Agency (FSA) — which regulates crypto exchanges in the country — sent a business improvement order to GMO Coin following January’s Coincheck hack. The company was forced to improve its services and provide reports on their risk management systems. GMO Coin then established a “Group Information Security Audit Office” in order to develop stronger security measures to protect customer information.
As Cointelegraph previously reported, major mining companies have recently released their Q3 reports. While AMD, a California-based semiconductor manufacturer, stated that its revenues for the period were negligible, Canada-based Bitcoin (BTC) mining company Hut 8 reported a record high $13.5 million for Q3.