GMO-Z.com Coin, the cryptocurrency arm of the Japanese giant GMO Internet, is undergoing a big rebrand a few months after it launched its bication platform earlier this year.
The rebranding changes the name from GMO-Z.com Coin to GMO Coin, Inc., and also the service identity from Z.com Coin byGMO to GMO Coin. It also includes a new logo, a move away from the blue background previously associated with the old offering, which was launched in May 2017 to facilitate the trading of virtual currency FX and virtual currency.
Although the cryptocurrency division is operating under a new name, terms of trading will remain the same.
GMO Click cited the reason for the amendment as an attempt to further accelerate business development through tapping the parent group’s global brand and creditability.
According to the company statement, the new name is more reflective of the firm’s growing customer base in Japan, evolving product set and recent technology advancements.
The rebranding reflects one of GMO’s strongest differentiators; its digital agility to innovate solutions as the internet giant is looking to capitalize on booming demand for cryptocurrency in the world’s biggest Bitcoin trading market.
Overall, the Japanese internet conglomerate plans to develop new cryptocurrency services in cooperation with all companies within the parent group.
GMO-Z.com Coin Co. Ltd., which was previously known as GMO Wallet Co. Ltd., was first established in 2016 to develop a digital currency exchange and trading business. The company started testing digital currency trading services in November 2016 before launching a full-scale operation in May 2017 as recent legislative changes in Japan have led to an increasing appetite for Bitcoin among investors.
Bitcoin has seen increasing recognition as a legal method of payment in Japan after the government passed bills to that effect in 2016. The government also decided to end the 8% consumption tax rate on Bitcoin trading through regulated exchanges.