GMO will pay employees with Bitcoins

The Japanese GMO Internet Group will pay salaries in cryptocurrency. With the help of the new payment system of the company, more than 4,700 employees will receive part of their salary in Bitcoins as early as...

The Japanese GMO Internet Group will pay salaries in cryptocurrency. With the help of the new payment system of the company, more than 4,700 employees will receive part of their salary in Bitcoins as early as March of next year.

GMO employees will be able to receive from 10,000 yen (about 88 USD), up to 100,000 yen (881 USD) in the cryptocurrency.

In May of 2017, GMO launched its crypto-exchange GMO Coins. Every employee of the company who opens an account on this trading platform will be able to receive the crypto-currency and part of his salary in fiat in one day. The amount of Bitcoin, at the rate of GMO Coins, will be deducted from the total salary in yen.

By encouraging employees to purchase Bitcoins, the company expects to increase interest in crypto-currency tools and to increase "crypto-literacy" in general.

The company believes that "Crypto-currencies will turn into new universal currencies, available for use by any country or any citizen or region. They will create a new unlimited economic zone".

In September, GMO announced that it intends to seriously invest in mining: about $320 million, or 10% of the company's assets, will be invested in the creation of a chip for the next generation of mining. It was developed according to 7nm technology. It is calculated that the transition to 7nm will increase the efficiency of mining by 2 times. GMO Group will also study 5nm and 3.5nm technologies and will build a mining farm that can compete with Chinese competitors next year.

Prior to their new cryptocurrency hobby, the Japanese corporation worked in the field of domain name registration and was engaged in hosting. The cryptocurrency business has become very attractive for Japanese companies since the country has recognized Bitcoin as a legal tender.