Japanese Internet giant GMO plans to pay employees in bitcoin

Japanese Internet giant GMO plans to pay employees in bitcoin

Japanese conglomerate, GMO Internet Group has introduced a system of payment of wages, through which more than 4700 employees of the company will be able to receive part of their salaries in bitcoin.

GMO introduces a system of wage payment in bitcoin

Japanese online-the leader of the GMO Group has announced that employees will be able to receive part of their salary in bitcoins, starting in February of next year for the March payment period. The first such opportunity will be given to the employees GMO Internet Co. Ltd, but then gradually spread to the whole group of companies, as specified in the company’s announcement published on Monday. According to the web site of the company, as of September this year in GMO Internet worked 4710 full-time employees.

The website also States 42 subsidiaries which are part of the GMO Group. Among them GMO – Coins- cryptocurrency subsidiary, GMO Click is one of the largest platforms in the world of FX.

In order to facilitate salary payment in bitcoin, the company explained:

“GMO Internet Group decided to implement a system that will provide partial payment of wages in bitcoin, to facilitate possession of virtual currency our internal staff.”

Minimum payout in bitcoins initially will be equal to 10,000 yen (~$88), and the upper limit will be 100 000 yen (~881 dollars). Each salary in yen would be reduced by an appropriate amount to pay in bitcoins on the exchange rate GMO Coin. Employees who have their own account on the stock exchange GMO Coin, “will be able to obtain bitcoins per day wages,” as explained on the Nikkei.

GMO promotes cryptocurrencies from the inside

After launching a cryptocurrency trading platform in may, GMO in September announced plans to start mining business. In the next few years, the company plans to spend 10 billion yen to build a mining farm, as well as for research and development of chips for mining, on 7, 5 and 3.5 nm. In October, GMO announced plans for sale boards for mining with established on 7 nm chips by selling tokens.

In the announcement Monday, the company said: “at the moment, the mining business is preparing to launch in January 2018”.

“GMO Internet Group will contribute to the development of virtual currencies in the world by promoting the efforts of the whole group,” said the company, adding:

“To further strengthen these approaches to virtual currency it is important that staff actively used the cryptocurrency. First of all it is necessary to improve their literacy in the field of virtual currencies”.

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