Japanese giant GMO Internet has made some changes to its organisational structure. According to a statement released by the firm today, GMO Internet has opened up a new office.
Effective from this Monday, GMO Internet has established a Group Financial Business Promotion and Management Office. The purpose of the new office is to strengthen the ties and promote a partnership between the group’s internet finance business and its financial businesses and services. The office will also enforce a risk management system.
According to a statement from GMO Internet, the firm will improve its business further by inviting an external expert with vast knowledge and experience in both the finance and transactions businesses.
This expert is Takashi Shimahara, who has been appointed as the Head of Group Financial Business Promotion and Management Office. Shimahara has not previously worked for the firm.
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The statement does not reveal anything about Shimahara – neither past experience nor responsibilities at GMO Internet. By the name, it can be assumed that Shimahara is male.
GMO Internet to launch a yen-pegged stablecoin
The restructuring comes less than two weeks after the Tokyo-based firm announced plans to launch a yen-pegged stablecoin, whose value should not be fully affected by crypto market volatility.
As Finance Magnates reported, GMO Internet will most likely collaborate with a bank from Japan to develop the cryptocurrency, which has been dubbed ‘GMO Japanese YEN’ (ticker symbol: GJY).
The company is aiming to create an entire ecosystem for the GJY, which is expected to be issued early next year. According to our earlier report, the next step for the firm is its foray into the international remittances and payments market.
This might not be the first time you’ve heard of a fiat-pegged cryptocurrency, as the project bears a slight resemblance to Tether (USDT), the USD-backed stablecoin which is used as a proxy for physical money on many cryptocurrency exchanges.