DMM Group’s emergence as a cryptocurrency player continues, as the company has expanded its blockchain operations, by officially launching its heralded crypto exchange. Toward the end of 2017, DMM announced the imminent introduction of its new exchange, and that time has arrived. Trading on the platform officially began on Thursday, January 11.
The new exchange will initially offer seven cryptocurrencies, combining to make up fourteen currency pairs. The platform will feature Bitcoin (BTC), Litecoin (LTC), Ethereum (ETH), Ethereum classic (ETC), Nem (XEM), Bitcoin Cash (BCH), and Ripple (XRP). At first, each of the aforementioned virtual currencies will trade against the Japanese yen, in addition to the following crypto-based currency pairs: ETH/BTC, ETC/ETH, XEM/BTC, XRP/BTC, LTC/BTC, ETC/BTC and BCH/BTC.
While at first glance, it appears that the offering is limited relative to competing exchanges, the company is likely to add additional trading pairs in the near future, as the exchange gets underway. DMM’s reputation could create a surge of Japanese and foreign investors trading on the company’s exchange. The platform is available in both desktop and mobile versions. The mobile app is compatible with iOS and Android operating systems alike.
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DMM has been taking steps to take its place in the cryptocurrency space. Last week, the internet giant also announced that it will be creating and developing a cryptocurrency mining lab, under the name DMM Mining Labo. The new mining farm is expected to be one of the largest scale operations in the world, and could place DMM Group at the forefront of the crypto industry, depending on its level of success in supplanting its competition.
The technology behind DMM’s exchange is provided by Simplex Inc., a financial technology provider, which has built its name by providing technological solutions to banks and financial firms across the FX and securities markets. Among the companies working with Simplex are SBI Holdings, GMO Group, Nomura Securities, Matsui Securities, Bank of Tokyo-Mitsubishi UFJ, and more. The platform and associated tech implemented by Simplex is called Simplex Cryptocurrency, and DMM is currently the first and only exchange to use the software.