Cryptocurrency exchange Japanese Internet giant GMO Internet added four more cryptocurrencies in its credit program, which allows customers to borrow digital coins company. Initially the program was started
last month only for bitcoins (BTC), but now GMO added Bitcoin Cash (BCH), ether (ETH), litecoin (LTC) and Ripple (XRP).
GMO Coin, a subsidiary of a conglomerate, GMO Internet announced this week the addition of four cryptocurrencies in its credit program, which allows customers to borrow cryptocurrency companies and receive passive income.
Interested customers must apply from 9 may to 23 may. If the number of applicants will exceed the company’s expectations, the organization itself will choose who to lend coins. Under the new rules, the company can rent in addition to bitcoins more and BCH, ETH, LTC and XRP from its users. Clients can avail from 100 to 1000 ETH; from 50 to 500 BCH; from 300 to 3000 LTC; and from 100 000 to 1 000 000 XRP. The repayment time is 150 days. All borrowed cryptocurrency will be returned to customers in the same amount and kind through this period of time.
The exchange will pay to customers 2.04109589 ETH for every 100 borrowed. 50 BCH company will pay 1.02054794 BCH. For 300 LTC clients will receive LTC 6.12328767. For 100,000 XRP fee will be 2 041.0958 XRP. The GMO explained that the fee «is calculated from 5% per annum (including taxes)», and added that taxes also will be charged with a fee for the loan.
GMO Coin is fully licensed in Japan cryptocurrency exchange. However, she recently received recommendations
to improve their work from financial regulator of the country’s FSA, which began testing all exchanges after the break Coincheck in January of this year. Similar recommendations have received another exchange license — Zaif.
Recently, the company announced the financial indicators of the GMO Coin, showing an operating loss of 760 million yen (~$7 million) in the first quarter of this year. The cost of maintenance of the exchange increased by about 560 million yen (~ 5.1 million dollars) from the previous quarter. Most likely, this is due to the need for changes in the work, which required the company financial controller.
However, the GMO conglomerate continues its successful development in other areas. Mining division of the company since the launch in February got
over 900 BTC and BCH 537, and last month the company has doubled your hash rate.