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Japanese Internet Giant GMO to pay its more than 4,700 Employees in Bitcoin

Dec 14, 2017 Posted /  2549 Views

Japanese Internet Giant GMO to pay its more than 4,700 Employees in Bitcoin

Japanese Internet Giant GMO to pay More than 47,00 Employees in Bitcoin

In Japan the Biggest internet company GMO Group announced that it will start paying out part of the salaries for all its 47,00 employees in Bitcoin starting first payment around February 2018. However the company reports that the first phase of this upgrade in payment system to Enable Bitcoin payment will be available for only employees working directly under the GMO internet Co. The system will be systematically rolled out to cover the rest of the employees in the whole GMO group at a later time.

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According to the company’s website GMO internet employs a total of 4,710 full time employees as of September 2017. There are about 42 subsidiary companies which are part of the GMO group listed on the company’s website. Among the subsidiaries are companies like GMO coins, a cryptocurrency subsidiary owned by GMO and GMO click, one of the world’s biggest FX Platforms. On the matter concerning the recent upgrade of their payment system to enable Bitcoin payments to employees the company explained saying,

“We have upgraded our salary processing and payment systems to enable part of our employees’ monthly salaries be paid in Bitcoin. This will promote the adoption of virtual currencies within our domestic employees”

The smallest Bitcoin payment the new payroll system will process will be 10,000 yen approximately $88 and the maximum will be 100,000 yen which is approximately $881. The company’s own GMO coins exchange will handle the Bitcoin payment system.

The move Associated to GMO’s recent Investment in Cryptocurrency Businesses

In May this year GMO announced the launch of its cryptocurrency trading platform and followed up by an announcement in September 2017 that the company plans to start cryptocurrency mining Business.  The company plans to spend about 10 billion Yen in building its cryptocurrency mining farm expected to be finished within the next few years.  The company is also considering developing its own 7nm,5nm and 3.5nm mining chips. In October this year the company announced that it plans to sell mining boards equipped with 7nm mining chips in a token sales styled process. On the progress of works regarding the preparation for its mining business, the company announced on Monday this week that, the mining business is to start operating in January 2018.

The company believes that through its active involvement in cryptocurrency it would be contributing to the worldwide development of virtual currencies which is the futures of payment for everybody in the world. According to GMO implementing its Bitcoin and cryptocurrency agendas starting from within the company’s structure itself will boost the trust on Cryptocurrencies.

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Tags: Fiat currency bitcoin Japanese GMO Group

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