Japanese Tech Company GMO to Pay Employees in Bitcoin

JAPANESE TECH FIRM GMO ANNOUNCES BITCOIN PAYROLL

In a move to revolutionize conventional transactions, GMO Internet Co. Ltd, a Japanese technology firm, has announced its plans to start deploying its payroll in Bitcoin.

GMO, a provider of internet-based services that has been in operations since the early 1990s, made its way into the cryptocurrency industry by opening an exchange in May 2017.

This recent decision to transfer a part of the payroll through Bitcoin comes within a slew of decisions made by GMO to gradually yet significantly establish itself within the region as a key provider of cryptocurrency based solutions.

Back in October 2017, GMO had announced its plans to venture into initial coin offerings (ICOs) in order to utilize the token as part of a payment system for future products.

As part of the scheme, the system aims to allow the company’s staff to use the token, named “GMO Coin”, to purchase Bitcoin.

The Bitcoin payroll will be here in a couple of months

According to a statement by the company, its employees will have the options to have a lower limit of 10,000 Yen (which makes around $88), and an upper limit of 100,000 yen (which makes around $882) for the Bitcoin section of their monthly paychecks. The company further elaborated that the employees will also receive a bonus of 10% of the chosen amount as an “incentive”.

GMO plans to start implementing the shift from February 2018 and will be initiating the operation with a gradual expansion across the firm.

The company currently has around 4,000 employees on its payroll, but that is not stopping it from taking on this extensive project and to have all of its employees on board for this innovative method.

It’s a significant move considering that GMO also has a publicly listed stock and is well established in its own right.

The company also plans to venture into cryptocurrency mining

GMO had earlier announced its plans to start a cryptocurrency mining business.

The mining operations are ideally to be based in Europe and are supposed to yield around 500 petahashes per second (PH/s), the company had stated. It should be noted that the bitcoin network currently holds a hashrate of approximately 5.68 exahashes per second (EH/s).

The company further stated that it aims to use mining to supplement its cryptocurrency exchange, where the generated coins could be used to provide liquidity for its marketplace.

GMO MIGHT ALSO EXPAND INTO SELLING MINING HARDWARE

The company had elaborated at the time of announcing its mining operations that it aims to research mining chips that will then be developed by utilizing optimal 7nm process technology. The company officials had also stated that the company could then sell the created hardware to third parties.

LOOKING INTO CLOUD MINING SOLUTIONS

GMO had also hinted that it could begin providing cloud mining services. The plan is to offer services that would allow customers to buy a certain amount of hashrate over a period of time in order to potentially earn bitcoin. 

OVERALL, GMO PLANS TO EXPLORE THE CRYPTOCURRENCY INDUSTRY

From one venture to the other, while GMO might seem like it’s all over the place, nothing could be said for certain until some time has passed and the effectiveness of GMO’s various decisions translate into tangible outcomes.

That being said, it would be an interesting ride for the people at GMO since now that they have talked the talk all year long, the next year will be for them to walk the walk and deliver on the solutions that they have announced in 2017 so far.

By | 2017-12-16T23:48:54+00:00 December 16th, 2017|Cryptocurrency News|0 Comments

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