Cryptocurrency exchanges have been flourishing in the country and there have been numerous mergers and acquisitions by institutional financial companies that have led to innovation and improvements. GMO Coin, a subsidiary of Tokyo Stock Exchange-listed GMO Internet Inc, has announced it will start handling altcoins through its cryptocurrency lending service. Users of GMO Coin lend their cryptocurrency to the platform and receive rental fees according to the volume of cryptocurrency they lend. The service was initially launched in April, focusing exclusively on Bitcoin.
In May, Ethereum, Bitcoin Cash, Litecoin, and Ripple were added to the service. GMO Internet Group also focuses on the mining business. According to its May cryptocurrency mining report, both Bitcoin mining volume and hash rate (measure of mining performance) increased in April to 373BTC (+26% vs. March) and 241PH/s (+87% vs. March), respectively.
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