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GMO’s New Web Bank and Blockchain for Payments

The Japan based multibillion dollar technology conglomerate GMO has just started a new business in the internet banking industry which is slated to make use of blockchain technology to facilitate payments that are going to be faster and cheaper than the traditional system. It will also be offering financial services to customers through the web bank platform.

The GMO Internet Group made an announcement on the 17th of July regarding this where they confirmed that they will be launching the Aozora Net Bank in partnership with the Aozora Bank Group. This join initiative between the tech conglomerate and the Aozora Bank Group has been in the works since the July of 2016. Two years on, it is now ready to launch and it will be utilizing the power of distributed ledger technology, Internet of Things and Artificial Intelligence in order to provide new and improved financial services through fintech.

The rise of what is becoming a cashless society with smartphones and fintech advancements seeing rapid proliferation in the global society, there has been a keener interest in new financial services which make things convenient and faster come forth. A press release from the Japanese technology conglomerate’s Aozora Net Bank has added that it is going to facilitate everything for the customers so that it becomes the top technology centric bank in the world.

The most notable announcement by the GMO Aozora Net Bank has made is about the fact that it will be leveraging the power of blockchain technology to make the payments and address settlements in a manner that is in stark contrast to traditional systems of banking (which usually happen to have middlemen involved in the process).

The Aozora Bank Group is going to account for the majority shares in the GMO Aozora Net Bank at a little over 85 percent while the rest of the stakes are going to be equally divided between the GMO Financial Holdings and GMO Internet.

There are five main factors that this new internet bank will be focused on:

  • Convenience
  • Cheapness
  • Speed
  • New User Experience
  • Security and Safety

This is the latest foray by GMO Internet in the financial endeavors right after the launch of the cryptocurrency exchange which was first announced in the May of last year. That was not the end of it. The Japanese tech conglomerate has also made investments into its own Bitcoin mining operations in Europe, it has started paying its employee in Bitcoin tokens and it has even made an announcement for a cloud based service for Bitcoin Cash and Bitcoin users which will be launched next month.

That and the fact that GMO also launched Japan’s first natively designed and manufactured mining rig shows that it means business when it comes to the cryptocurrency landscape. These new mining rigs are expected to be released to the world in October of 2018.

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