GMO Crypto Exchange Profit Rose Over 34% in Q3

GMO Internet Reports Cryptocurrency Exchange Profit Rose Over 34% in Q3 2018

GMO Internet, the Japanese technology and internet fund conglomerate, introduced its results for its third quarter of fiscal 2018 on Nov. 12. The demonstration included new details about the performance of the Tokyo-listed team’s cryptocurrency-related businesses.

The business reported total quarterly revenue of 2.61 billion yen ($22.93 million) in the third quarter. It noted that the positive results came”just a year since the launch regardless of the harsh outside environment.”

On the cryptocurrency exchange side of the operation, profit was up 34.4 percent quarter over quarter, from 0.55 billion yen in the next quarter to 0.74 billion yen from the third. It said it posted a rise in profit in spite of the fact that revenue from the exchange business alone fell slightly from 1.42 billion yen in the second quarter to 1.36 billion yen in the third.

GMO Internet additionally reported that customer accounts have been rising steadily, reaching 208,000 in the third quarter. On the other hand, the trading value has dropped from 220 billion yen to just 89 billion yen ($782.7 million) quarter .

GMO Crypto Exchange Profit Rose Over 34% in Q3

About the cryptocurrency mining facet of its organization, GMO Internet reported it’s improved its resources throughout the third quarter of this year. And that helped it grow mining earnings slightly to 1.23 billion yen from the next quarter, from 1.17 billion yen from the previous three-month interval. By comparison, the worsening external environment and increased depreciation prices drove profit down over quarter, from a reduction of 0.36 billion yen from the next quarter to a reduction of 0.64 billion yen from the third.

It also said it intends to attain a total of 800 PH/s over the year.

GMO Internet also stated that earnings of cryptocurrency mining machines are postponed because of delays in shipments of essential digital components. Additionally, it announced that it’s changing the ticker symbol of this yen-pegged stablecoin it established during the next quarter in GJY to GYEN.

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