DMM’s Crypto Exchange Opening January and Launching With 7 Cryptocurrencies

Japanese e-commerce and internet giant DMM Group has unveiled the details of its upcoming cryptocurrency exchange set to launch on January 11 of next year. The new exchange will be called DMM Bitcoin.DMM Group previously operated a small crypto trading platform called Tokyo Bitcoin Exchange Inc. This platform was approved by the Japanese Financial Services Agency (FSA) on December 1. It became one of the only 15 exchanges in Japan which the agency has approved so far. Tokyo Bitcoin Exchange has been renamed to DMM Bitcoin and has suspended its services.The 7 supported cryptocurrencies are bitcoin (BTC), ether (ETH), nem (XEM), ripple (XRP), litecoin (LTC), ethereum classic (ETC), and bitcoin cash (BCH). Spot trading is available for trading pairs – BTC/JPY, ETH/JPY and ETH/BTC. Leverage of 5x is available for 14 trading pairs. While there is no transaction fee, the leverage fee is 0.04% per day.

In comparison, rival GMO Internet’s exchange, GMO Coin, currently supports 5 cryptocurrencies – BTC, ETH, LTC, XRP, and BCH. This exchange offers 5x, 10x, and 25x leverage at a fee of 0.05% per day.

Japanese Entertainment Giant DMM Unveils Details of Crypto Exchange to Launch Next Month
DMM Bitcoin apps.
Trading on DMM Bitcoin is available on iOS, Android, and PC. Trading tools will also be available similar to those offered to foreign exchange (FX) trading customers on DMM FX, the company’s FX trading platform. Deposits and withdrawals are available in Japanese yen, bitcoin, and ether.

In September, DMM Group established a virtual currency subsidiary and also announced its plans to become “one of the 10 largest mining farms in the world” next year.