Japanese giants DMM and GMO to mine crypto

Japan's GMO and DMM reveal their plans of getting involved into cryptocurrency mining
15 September 2017   2147

GMO, a Japanese digital services firm, unveils its plans for its forthcoming cryptocurrency mine and the $90 million budget backing it, as detailed by coindesk.com.

Thus, on Wednesday the company held a presentation on the plan following the announcement last week. GMO is to begin mining in the first half of 2018.

GMO to start mining
image credit: techwave.jp

The company will begin testing a new 7nm semiconductor chip by the spring. As reported, GMO has already spent $3 million out of an expected 10 billion yen (worth approximately $90 million).

Besides mining at our company, we also plan to sell the mining board with the 'cloud mining center', so that anyone can participate in mining.

Masatoshi Kumagai
GMO President

Besides, the Japanese e-commerce giant DMM is also planning to join the mining race. 

According to the company, DMM will launch its "Virtual Currency Division" that is to oversee operations of the "DMM Mining Farm", in October. DMM has also confirmed its intention to press ahead with full production by the end of the year.

However, the announcement underlines Bitcoin and Ethereum as two virtual currencies “expected to be the currencies of the next generation” without explicitly stating it would mine either cryptocurrency.

South Korea to Invest $1B in Blockchain Startups

Blockchain is a revolutionary technology and an integral component of the Fourth Industrial Revolution, local authorities believe
19 February 2019   103

Until 2022, Seoul authorities are investing 1.2 trillion South Korean won ($ 1.07 billion) in fintech startups working with distributed ledger technology. This is reported by CoinDesk.

Funds will be allocated for the development of new technologies through the Seoul Innovation Growth Fund, created last year by local authorities. The foundation will support startups working on various solutions, including those that are in the early stages.

In the first half of this year, the Fund will allocate 13.25 billion won ($ 11.75 million) and 8.4 billion won ($ 7.45 million) in the second half of 2019. For the Korean authorities, the blockchain is a revolutionary technology and an integral component of the Fourth Industrial Revolution.

The officials also noted that the average investment per start-up at an early stage of development in South Korea is almost seven times lower than, for example, in Silicon Valley.

Last fall, Seoul authorities submitted a five-year development plan for the blockchain industry.