Japanese banking giant GMO joined the ranks of the big names incorporating cryptocurrency in their upcoming projects. Today, GMO announced their latest creation: GMO Aozora Net Bank. This is the result of GMO Financial Holding and GMO Internet working together with Aozora Bank to create a “web bank” that will offer customers more convenient banking solutions than ordinary banking. The interesting part about this announcement is the company’s plans to incorporate blockchain technology in their payment systems.
GMO is not the only business giant to show interest in cryptocurrency. In the past few weeks, bitcoin and cryptocurrencies have been showing up on the radar of other major players. Blackrock, the investment giant, reported their interest in Bitcoin. Recent announcements from Goldman Sachs also showed interest in adding Bitcoin to their offerings.
GMO Aozora Net Bank – A Web-Based Banking Solution
The introduction of GMO Aozora Net Bank was announced and published on the official website of GMO on July 17, 2018. The company announced that they have been working on a solution to take a step into the future of banking technology since 2016. The partnership between GMO and the Aozora Bank Group has now launched one of the first banks that are planning to utilize blockchain technology.
Although the technology is not integrated yet, the press release distributed by the company has revealed that they will primarily be focusing on using blockchain technology for payment distribution. This is a significant movement in the world of financial management and banking.
The press release stated that GMO’s move to invest in this operation is due to Aozora Bank Group’s existing expertise in risk management. This would allow for a more successful partnership that would ultimately hold minimal risks for all parties involved.
GMO’s Previously Released Their Own Bitcoin Mining Rig
The announcement from GMO regarding their new partnership with the Aozora Bank Group is not the first time that the company has shown an interest in cryptocurrencies. Less than three months ago, the company announced the release of their own Bitcoin mining rigs. The mining rig launched by GMO earlier this year was the first Japanese mining rig on the market. It was also the first mining rig to use the 7nm semiconductor chip.
The mining rig quickly gained popularity. The 7nm semiconductor chip used in these rigs provided a more powerful overall performance. It received high ratings and was deemed an improvement over some of the best existing options on the market at the time. This included the DragonMint T1 from Halong Mining and the Antminer S9 from Bitmain.
In an interview, Masatoshi Kumagai, CEO of GMO, reported that, while they do respect what Bitmain is doing, they are aiming to top them in both performance and pricing.
Z.com Cloud Mining
Z.com Cloud Mining Platform is another noteworthy product from GMO related to cryptocurrencies and blockchain technologies. The company announced the release of this platform on the 1st of March 2018, and it quickly became one of the most powerful cloud hosting services throughout the world. The cloud mining services offered by the Z.com Cloud Mining platform offered customers the ability to mine Bitcoin, along with many other supported cryptocurrencies, at rates of up to 25 PH/s.
At the moment, GMO’s Z.com Cloud Mining platform is only offering customers the ability to purchase a single hash rate contract. The contract will mine at 25 PH/s. Customers can choose between a single contract or two contracts when signing up. The pricing for these mining accounts are quite steep, but many have already invested due to the powerful servers that power the platform.