GMO Sees Drastic Uptick in FX and Crypto Revenues in First Quarter of 2018
- The firm's embrace of cryptocurrency appears to have paid off
GMO Internet Group (GMO IG), the owner of FX broker GMO Click securities, released its financial report for the first quarter of 2018 today. The firm saw impressive year-on-year growth in sales and operating profit that was in part driven by the firm's FX and cryptocurrency business lines.
The end of the first quarter of 2017 saw the firm finish with ¥36 billion ($330 million) in net sales. This year that figure increased to ¥43.71 billion ($400 million) - a 21 percent increase.
This growth was in part due to the firm’s wholehearted embrace of cryptocurrency. Over the past two years, the firm has developed a Crypto Mining Crypto Mining Cryptocurrency mining is defined as the process through which the transactions of a digital currency are authenticated then published to blockchain. For every crypto transaction conducted, a crypto miner is in charge of authenticating the information which, if approved, is then updated in the blockchain. Currently, the most popular cryptocurrencies being mined are Bitcoin, Litecoin, Ethereum Classic, Monero, and DASH. How is Cryptocurrency Mined?The process of crypto mining itself involves the s Cryptocurrency mining is defined as the process through which the transactions of a digital currency are authenticated then published to blockchain. For every crypto transaction conducted, a crypto miner is in charge of authenticating the information which, if approved, is then updated in the blockchain. Currently, the most popular cryptocurrencies being mined are Bitcoin, Litecoin, Ethereum Classic, Monero, and DASH. How is Cryptocurrency Mined?The process of crypto mining itself involves the s Read this Term business and even offered employees the chance to receive a portion of their salaries in Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term last December.
Given the company has only recently forayed into the cryptocurrency space, the first quarter of last year saw the firm with no earnings attributable to its crypto services. This year that figure increased to ¥635 million ($6 million).
Foreign exchange on the rise
Sales in the firm’s internet finance business also grew drastically. GMO Click makes up the bulk of this part of GMO’s business as cryptocurrency services are accounted for separately.
In the first quarter of 2017, GMO IG’s internet sales were equal to ¥5.58 billion ($51 million). At the end of this year’s first quarter, that figure had ballooned to ¥8.15 billion ($74 million), representing a 46 percent year-on-year increase.
Growth in sales meant growth in operating profit. Perhaps reflecting some operational improvements within the firm, these grew to ¥5.27 billion ($48 million) - a 49 percent increase on the first quarter of 2017.
GMO Internet Group (GMO IG), the owner of FX broker GMO Click securities, released its financial report for the first quarter of 2018 today. The firm saw impressive year-on-year growth in sales and operating profit that was in part driven by the firm's FX and cryptocurrency business lines.
The end of the first quarter of 2017 saw the firm finish with ¥36 billion ($330 million) in net sales. This year that figure increased to ¥43.71 billion ($400 million) - a 21 percent increase.
This growth was in part due to the firm’s wholehearted embrace of cryptocurrency. Over the past two years, the firm has developed a Crypto Mining Crypto Mining Cryptocurrency mining is defined as the process through which the transactions of a digital currency are authenticated then published to blockchain. For every crypto transaction conducted, a crypto miner is in charge of authenticating the information which, if approved, is then updated in the blockchain. Currently, the most popular cryptocurrencies being mined are Bitcoin, Litecoin, Ethereum Classic, Monero, and DASH. How is Cryptocurrency Mined?The process of crypto mining itself involves the s Cryptocurrency mining is defined as the process through which the transactions of a digital currency are authenticated then published to blockchain. For every crypto transaction conducted, a crypto miner is in charge of authenticating the information which, if approved, is then updated in the blockchain. Currently, the most popular cryptocurrencies being mined are Bitcoin, Litecoin, Ethereum Classic, Monero, and DASH. How is Cryptocurrency Mined?The process of crypto mining itself involves the s Read this Term business and even offered employees the chance to receive a portion of their salaries in Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term last December.
Given the company has only recently forayed into the cryptocurrency space, the first quarter of last year saw the firm with no earnings attributable to its crypto services. This year that figure increased to ¥635 million ($6 million).
Foreign exchange on the rise
Sales in the firm’s internet finance business also grew drastically. GMO Click makes up the bulk of this part of GMO’s business as cryptocurrency services are accounted for separately.
In the first quarter of 2017, GMO IG’s internet sales were equal to ¥5.58 billion ($51 million). At the end of this year’s first quarter, that figure had ballooned to ¥8.15 billion ($74 million), representing a 46 percent year-on-year increase.
Growth in sales meant growth in operating profit. Perhaps reflecting some operational improvements within the firm, these grew to ¥5.27 billion ($48 million) - a 49 percent increase on the first quarter of 2017.