Japanese company GMO Internet has recently released its Q3 report for 2018. Going against the general trend of the market, its crypto-related business operations have done remarkably well.
GMO recently launched a crypto trading platform, and is involved with crypto mining operations as well as the manufacturing and sale of mining equipment. The company is also due to launch a new fiat-backed stablecoin. The GYen token will be one of the first cryptos to be pegged to the Japanese Yen.
According to the report, the total revenue related to its crypto business is around 2.6 billion Yen ($22.84 million). Most of this (1.36 billion Yen) comes from the crypto exchange business.
As for GMO’s mining of cryptocurrencies, this contributed around 1.23 billion Yen. Although this is an increase in revenue compared to Q2, falling crypto prices mean that total profit is down for the quarter. This “worsening external environment” mean that the company’s mined Bitcoin (BTC) and Bitcoin Cash (BCH) holdings are not worth what they once would have been.
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