Japanese Internet giant GMO Internet Inc. today launched a new Internet banking company that will use the blockchain as the central part of its technological arsenal.
The project was launched in July 2016 through GMO Aozora Net Bank, in which GMO Internet, Aozora Bank, and GMO Financial Holdings are joint investors.
According to today’s announcement, the blockchain will turn out to be a significant part of the new endeavors with other advanced technologies, such as the Internet of things and artificial intelligence.
According to GMO, “The new company has great potential for increasing the value of the company in the future.
According to Finance Feeds, the new banking strategy will be open to GMOs and individuals by adopting basic banking services, such as e-commerce exchanges and deposits, and by offering products developed with partner companies.
The Tokyo-based Internet provider reported net sales of 43.705 Billion yen which is approximately $387.5 Million in the Q1 of 2018, a boost of 17.5% over the previous year.
GMO’s decision to use blockchain technology in its new activity in the field of Internet banking is a continuation of significant previous investments in blockchain and cryptocurrency space.
The company already manages its own exchange of GMO Coin exchange, an important mining operation, and even agreed to pay part of its salary in Bitcoin.
In March of this year, GMO Coin promised to improve the security of its data after local authorities discovered shortcoming in the survey, which followed a hack of Coincheck of $ 530 Million in January.
Most recently, the company announced that in August of this year it will launch an application based on bitcoins for awards in a game called “CryptoChips”.
Application of blockchain technology has been rapidly expanded in multiple business sectors as it comes with precise outcomes and transparency in the transactions.