GMO revealed today that the firm had teamed up with Aozara Bank Group and that both firms have been preparing for the launch since 2016.
The new entity, called GMO Aozora Net Bank, will provide financial services through the integration of fintech and IT. The bank will take advantage of security certificates, blockchain, artificial intelligence and internet of things to deliver financial services over the web.
The bank will be working with GMO Internet to develop a new settlement system using blockchain technology.
GMO Aozara Net Bank aims to become what it calls a “platform bank,” and plans to make its payments system available to other firms under a “white label” license.
The bank launch is just the latest from GMO in the world of blockchain and crypto. The firm launched its own exchange in May 2017, and started its own bitcoin mining business in September of the same year.
Just a month ago, GMO also revealed a gamechanger in crypto mining: the very first Bitcoin miner based on 7nm chip tech.