Japanese entertainment giant DMM plans to open cryptocurrency exchange platform

Japanese DMM announces plans of their own crypto exchange to open in January 2018
21 December 2017   1169

Earlier this year we reported on DMM opening the mining pool, and now they plan on entering the exchange market. The announcement goes to say about 7 available virtual currencies with 14 trading pairs and margin trading. The plan is to open the platform on the next month, particularly – 11th of January 2018.

Japanese e-commerce and entertainment giant DMM has revealed the exact details of the upcoming exchange platform – DMM Bitcoin. The platform will open on January 10 and will start accepting payments on January 11. It will replace their Tokyo Bitcoin Exchange Inc., which has been approved by authorities on December 1 and whose services has been halted as of now on account of renaming and upgrades.

The 7 supported from the start virtual currencies are Bitcoin, Bitcoin Cash, Ether, Ethereum Classic, Nem, Ripple and Litecoin. The trading pairs will consist of BTC/JPY, ETH/JPY and BTC/ETH. And 14 pairs will have leverage trading available for them.

The conceptual background is similar to DMM's up and running Foreign Exchange trading platform. Even the trading tools will be released for the same platforms – PC, Android and iOS. The withdrawals will be available in Japanese Yen, Bitcoin and Ether.

All of this furthers DMM's announced goal to enter cryproeconomy world, which is supported by their newly established virtual currency subsidiary and DMM Mining Farm, said to become one of the 10 largest mining farms in the world.

BitPay to Receive New York's BitLicense

Having received BitLicense, BitPay can now conduct business with New York-based companies and consumers
17 July 2018   98

The well-known cryptocurrency processing service BitPay obtained a license to work with virtual currencies in the state of New York. Known also as BitLicense, this license is issued by the New York Department of Financial Services (NYDFS) and grants its holders the ability to conduct activities related to cryptocurrencies in the state.

NYDFS has carefully studied the company's application, including its policy on measures to combat money laundering, customer identification, fraud prevention, cybersecurity. The financial situation of the company was also thoroughly analyzed.

New York state has one of the strictest policies around businesses involved in cryptocurrency and working through the approval processes to obtain a License was important to BitPay. We believe this hard work will pay off as New York presents significant business opportunities for BitPay.

Stephen Pair

CEO, BitPay

Having received BitLicense, BitPay can now conduct business with New York-based companies and consumers: the first will be able to use the company's processing services to accept payments in Bitcoin and Bitcoin Cash, the latter will pay for various goods and services using these two BitPay supported cryptos.

Note that BitPay was only the eighth company that received BitLicense. Other license holders are Square, Xapo, Genesis Global Trading, bitFlyer USA, Coinbase, Ripple and Circle. In addition, special permissions for operations with crypto-currencies are exchanged by Gemini and itBit.