GMO Internet Group, Japan's largest Internet company, has introduced a payroll system that allows more than 4,700 employees to pay part of their wages in bitcoin.
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GMO launches Bitcoin payroll system
Japanese Internet giant GMO Group announced that starting in February next year, its employees can start receiving some bitcoin wages during the wage period in March next year. The company stated in detail in a statement on Monday that this option was initially only available to GMO Internet Co. Ltd. employees, but will gradually expand to the entire group. According to the company's website, as of September this year, GMO Internet has 4,710 full-time employees.
The company also lists 42 subsidiaries affiliated with the GMO Group on its website. These include GMO Coin, the company's cryptocurrency subsidiary, and GMO Click, one of the world's largest forex platforms.
In order to facilitate the payment of wages in bitcoin, the company explained:
“In order to promote the virtual currency ownership of domestic employees, GMO Internet Group decided to introduce a system that allows partial payment of wages in the form of bitcoin.
The minimum payment amount for Bitcoin is initially 10,000 yen (about 88 US dollars), and the maximum payment amount is 100,000 yen (about 881 US dollars). The wages paid in Japanese Yen will be reduced according to the amount of Bitcoin paid, using the exchange rate of the GMO Coin exchange. According to the Nikkei News, employees who open accounts on the GMO Coin exchange "can receive bitcoin on the day of payday".
GMO promotes cryptocurrencies from within
After the launch of the cryptocurrency trading platform in May this year, GMO announced plans to start mining operations in September. The company plans to invest 10 billion yen to build a mine in the next few years and develop 7nm, 5nm and 3.5nm mining chips. In October of this year, GMO announced that it plans to use a token sales method to sell a dedicated circuit board equipped with a 7nm chip.
In a statement on Monday, the company said, “The mining business started in January 2018 is currently preparing for the opening.”
The company stated:
“GMO Internet will contribute to the development of global virtual currency by promoting the entire group's efforts related to virtual currency.” The company added: “In order to further strengthen the development of virtual currency, employees actively use virtual currency to improve [they] first. This is very important for virtual currency literacy."