The blockchain technology will form an integral part of the company’s technological offerings among other services such as Artificial Intelligence and Internet of Things. GMO says it believes the new venture has “a high potential for increasing corporate value in the future.”
GMO’s decision to harness blockchain technology at the center of its new internet banking venture is in keeping with its significant prior investments in the crypto and blockchain space. The company already runs its own GMO Coin crypto exchange, a major mining operation and has even embraced paying a portion of its staff payslips in Bitcoin (BTC).
According to Cointelegraph, the project has been in the pipeline since 2016 through the ‘GMO Aozora Net Bank,’ in which GMO Internet, GMO Financial Holdings and Aozora Bank are joint investors, said a report. According to Finance Feeds, the new banking strategy will be open to GMO’s corporate and retail clients, tailoring core banking services such as deposits and exchange for e-commerce businesses, as well as offering products developed with partner securities firms.
The Tokyo-headquartered internet services provider declared around $387.5 million in net sales in the first quarter of 2018, up 17.5 percent from a year before.