Japanese Internet Giant GMO will pay 4,700+ Employees through Bitcoin
December 12, 2017 11:40 am
GMO launches Bitcoin Salary Payment System
Japanese Internet leader GMO Group has announced that its employees can start receiving part of their salary at the beginning of February next year. This option is available only to employees of GMO Internet Co. Ltd. but will gradually expand to the whole group, the company explained in the company’s announcement on Monday. According to the company’s website, GMO Internet has 4,710 full-time employees in September of this year.
The company listed 42 subsidiaries on its website, which is part of the GMO Group. They include GMO coins, the company’s Cryptocurrency subsidiary, and GMO click, one of the world’s largest FX platforms.
The company described regarding the payroll:
“The GMO Internet Group has decided to introduce a system that allows part of the salary to be received as bitcoin in order to promote ownership of our domestic employees’ virtual currency.”
The minimum bitcoin payment will initially be 10,000 yen (~$88) and the maximum limit will be 100,000 yen (~$881). Each salary payment in the yen will be reduced by the amount of bitcoin payment paid, using the exchange rate at the GMO Coins exchange. Employees who create an account at the GMO Coins exchange, they can receive bitcoin on the same day as their payday.
GMO Promoting Crypto Within
Since its Cryptocurrency trading platform begins in May, the GMO announced plans to launch a mining business in September. In the next few years, the company plans to build mining farming and spend 10 billion yen to develop 7nm, 5nm, and 3.5nm mining chips. In October, the GMO announced plans to sell mining boards containing 7nm chips using token sales.
The company stated:
“The mining business is currently preparing for the start of business beginning in January 2018, The GMO Internet Group will contribute to the development of virtual currencies in the world by promoting efforts related to virtual currency throughout the group and in order to further strengthen these approaches to virtual currency, it is important for employees to actively use virtual currency first by improving [their] virtual currency literacy.”