Japanese Billion Dollar Tech Association to Pay Employees in Bitcoin
GMO Internet Inc., a multi-billion dollar Japanese technology conglomerate, will process salaries of its 4,710 full-time employees in bitcoin.
GMO Internet statement says, that newly integrated payroll system will allow employees in the near future to receive their salaries in bitcoin.
“The GMO Internet Group has decided to introduce a system that allows part of the salary payment to be received as bitcoin in order to promote ownership of our domestic employees’ virtual currency,” reported GMO company.
First thing, that GMO internet will make is to limit the amount of bitcoin employees, who can receive on a monthly basis to 100,000 yen, around $881. The company will increase the maximum limit of $881, because the number of bitcoin-receiving employees increasing and the new payroll system continues to operate easily.
GMO Fully Serving Japanese Bitcoin Market
In May, GMO announced the launch of Z.com Coin, a cryptocurrency exchange targeted at institutional investors and retail traders, to address the rapidly growing demand from investors within the traditional Japanese finance sector for bitcoin.
More than seven months after that starting from May, GMO’s Z.com Coin have been operating a cryptocurrency FX and cryptocurrency trading platform, as an exchange regulated by the Japanese Financial Services Agency (FSA). GMO company pointed, that Japanese cryptocurrency market could have a cash turnover almost 1 trillion Japanese yen (JPY) in the next few years.
GMO showed the company’s plans in October to compete in the global bitcoin mining industry. As the firm stated, it has an intention to design and manufacture its own ASIC miners and mining equipment in partnership with a local semiconductor manufacturer.
“We will use cutting-edge 7 nm process technology for chips to be used in the mining process, and are currently working on its research and development with our alliance partner having semiconductor design technology to realize high performance computer for mining. It will be possible to reduce power consumption compared to the existing mining machines with the same performance, and achieve a computational performance of 10TH/s per chip,” said GMO.
GMO has mentioned that its mining center and operations will relocate to Northern Europe to utilize “plentiful renewable energy” and take advantage of the regions’ naturally cold climate to prevent ASIC miners and bitcoin mining equipment from overheating.
It is expected, that GMO will split nearly 10% of it’s financial assets to improving its cryptocurrency exchange and mining ventures. The purpose is to remain at the forefront of Japan’s cryptocurrency market.
Importance of Bitcoin Salary
Bitcoin is recognized as a strong store of value and resistant money. Several analysts including JPMorgan strategist Nikolaos Panigirtzoglou and ACG Analytics strategist Larry McDonald noted that bitcoin is already penetrating into the multi trillion dollar market of gold.
GMO’s integration of bitcoin into its payroll system is important, because it sets a precedent across the nation and for other associations in the country. It is expected, that in long term , an increasing number of conglomerates will likely adopt bitcoin as a payment method.
