Giant Archives -
The U.S. and Japan have urged Saudi Arabia to pursue an international listing for oil giant Aramco, fearing the possible sale of a stake to China would give Beijing too much sway in the Middle East.
WSJ.com: What’s News Asia
Westfield Corp., operator of upscale shopping malls in Los Angeles and dozens of other locations in the U.S. and Britain, is being sold to French commercial real estate giant Unibail-Rodamco in a $ 16-billion deal, the two companies announced Tuesday.
The cash-and-stock deal values shares of Australia-based…
Japanese conglomerate GMO Internet Group has introduced a payroll system to allow its 4,700+ employees to receive part of their salaries in bitcoin.
GMO Introduces Bitcoin Salary Payment System
Japanese Internet leader GMO Group has announced that its employees can start receiving part of their salaries in bitcoin beginning in February of next year for the March pay period. This option will initially only be available to employees of GMO Internet Co. Ltd but it will gradually extend to the entire group, the company detailed in its announcement on Monday. According to the company’s website, GMO Internet has 4,710 full-time employees as of September this year.
The company also listed 42 subsidiaries on its website which are part of the GMO Group. They include GMO Coins, the company’s cryptocurrency subsidiary, and GMO Click, one of the world’s largest FX platforms.
In order to facilitate salary payments in bitcoin, the company explained:
The GMO Internet Group has decided to introduce a system that allows part of the salary payment to be received as bitcoin in order to promote ownership of our domestic employees’ virtual currency.
The minimum bitcoin payment will initially be 10,000 yen (~$ 88) and the upper limit will be 100,000 yen (~$ 881). Each salary payment in yen will be reduced by the amount of bitcoin payment paid, using the exchange rate at the GMO Coins exchange. Employees who create an account at the GMO Coins exchange “can receive bitcoin on the same day as their payday,” Nikkei described.
GMO Promoting Crypto From Within
Following the launch of its cryptocurrency trading platform in May, GMO announced in September its plans to begin a mining business. The company plans to spend 10 billion yen in the next few years to build a mining farm as well as to research and develop 7nm, 5nm, and 3.5nm mining chips. In October, GMO announced that it plans to sell mining boards equipped with 7nm chips using token sales.
In Monday’s announcement, the company stated, “The mining business is currently preparing for the start of business beginning in January 2018.”
“The GMO Internet Group will contribute to the development of virtual currencies in the world by promoting efforts related to virtual currency throughout the group,” the company noted, adding that:
In order to further strengthen these approaches to virtual currency, it is important for employees to actively use virtual currency first by improving [their] virtual currency literacy.
What do you think of GMO offering to pay their employees in bitcoin? Let us know in the comments section below.
Images courtesy of Shutterstock and GMO Group.
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The stock market carnage at Steinhoff is raising fresh scrutiny over a set of Byzantine transactions between the global furniture retailer and related parties.
WSJ.com: US Business
CVS Health and Aetna say their combination will result in better care and convenience and lower costs. But the merged company will lack a strong foundation of the people with the most power to achieve those goals.
WSJ.com: US Business
Sutter Health intentionally destroyed 192 boxes of documents that employers and labor unions were seeking in a lawsuit that accuses the giant Northern California health system of abusing its market power and charging inflated prices, according to a state judge.
In a ruling this week, San Francisco…
The largest-ever D-flawless diamond to be put up for auction, mounted in a diamond and emerald necklace, has sold for $ 33.7 million at Christie’s in Geneva, including buyer’s fees. The white, matchbox-size “Creation 1” diamond from Swiss jeweler de Grisogono weighs a whopping 163 carats, the AP reports. The…
Contrarians could profit from investing in billionaire shareholder Patrick Drahi’s ailing trans-Atlantic empire.
WSJ.com: What’s News Europe
It is decision time for the European Central Bank. After months of deliberation, the bank is finally expected to unveil the fate of its giant bond-buying program, known as quantitative easing. Here’s what to look for.
WSJ.com: What’s News Europe
Straight? Gay? Bisexual? He may be 186 years old, but the years have clearly done little to quell the sexual appetite of Jonathan, the famous giant tortoise who resides on the remote South Atlantic island of St. Helena.