Japan’s DMM Bitcoin Exchange Opens for Business With 7 Cryptocurrencies

Japanese e-commerce and entertainment giant DMM Group has launched its crypto exchange, supporting 7 cryptocurrencies and 14 trading pairs. The group is also preparing to launch another crypto exchange this spring aimed at inexperienced investors.

Japanese internet and entertainment conglomerate DMM Group has launched a cryptocurrency exchange under the brand name DMM Bitcoin. The platform began trading on Thursday January 11.

To commemorate the grand opening, the exchange is giving away 1,000 yen (~$US9) to all customers who open a new account during the campaign period between January 11 to March 11.

Customers can trade on their PC or use an Android or iOS app. The platform supports bitcoin (BTC), litecoin (LTC), ether (ETH), ethereum classic (ETC), nem (XEM), bitcoin cash (BCH), and ripple (XRP). Fourteen currency pairs are available for trading. In addition to the 7 coins trading for yen, 7 crypto-to-crypto trading pairs are offered; they are ETH/BTC, ETC/ETH, XEM/BTC, XRP/BTC, LTC/BTC, ETC/BTC and BCH/BTC.

According to DMM’s announcement, the exchange is using a trading platform provided by Simplex Inc. called “Simplex Cryptocurrency.” This platform offers trading tools for general investors, business management systems, and a dealing system.

Simplex has been providing securities and FX trading systems to major banks and financial services companies such as SBI Holdings, GMO Group, Nomura Securities, Matsui Securities, Bank of Tokyo-Mitsubishi UFJ, Mizuho Bank, and Money Partners Group. The company recently started offering a cryptocurrency trading system and DMM Group is its first customer for the new service.

In addition, a subsidiary of DMM Group is launching a new cryptocurrency exchange. Next Currency Inc announced earlier this week that it has filed with the Japanese financial authority to register a new exchange called Cointap.

Planned to launch this Spring, Next Currency described, “Cointap is a service that allows you to easily buy and sell virtual currencies from smartphones,” adding that it is “best suited for those who want to start virtual currency transactions such as bitcoins.” Furthermore, the company claims:

"Since virtual currency exchanges so far are centered on services for people with knowledge and investment experience of virtual currency, they are fashionable but difficult to understand and difficult to use."

Citing that there are many inexperienced investors who do not know how to buy or sell, the DMM subsidiary explained Cointap will be tailored for investors entering the market for the first time.

What do you think of DMM Bitcoin exchange and Cointap?