INX Limited partners with Japanese Financial Giant GMO Internet Group to bring NYDFS Regulated Stablecoins to Retail and Institutional Investors

Rhea-AI Summary

INX Limited has partnered with GMO-Z.com Trust Company to launch the first regulated Japanese yen stablecoin, GYEN, on its digital exchange, starting October 5th, 2021. This partnership also includes the listing of GMO Trust's USD-backed stablecoin, ZUSD. GMO Trust is a regulated subsidiary of GMO Internet Group, which operates the largest online FX trading platform globally. This new trading venue is set to cater to both retail and institutional investors, offering 24/7 trading with instant settlement in digital wallets, enhancing the efficiency of Japanese yen transactions.

Positive

• Launch of the first regulated Japanese yen stablecoin, GYEN, increases market offerings.
• Partnership with GMO Trust enhances credibility with a major financial player.
• 24/7 trading availability provides a competitive edge over traditional FX markets.

Negative

• None.

NEW YORK, Sept. 21, 2021 /PRNewswire/ -- INX Limited (INX), the owner of a regulated cryptocurrency exchange and a digital security trading platform, has partnered with GMO-Z.com Trust Company, Inc. (GMO Trust), to list the world's first regulated Japanese yen stablecoin, GYEN, for retail and institutional investors through its subsidiary, INX Digital, Inc. ("INXD). INXD will also be listing GMO Trust's USD-backed stablecoin, ZUSD.

FX Trading Moves Digital, 24/7/365
as Yen Stablecoin Lists on INX Digital starting October 5th

GMO Trust is the New York-based, regulated stablecoin subsidiary of Japanese financial services and internet conglomerate, GMO Internet Group (GMO Group). GMO Group owns and operates the world's largest online FX trading platform by volume, a Japanese regulated internet bank, a cryptocurrency exchange, a cryptocurrency mining operation and a payment gateway service.

GMO Click Securities, the forex arm of GMO Group, has been ranked the largest forex broker in the world by volume for the majority of the last decade, with volumes consistently surpassing $1 trillion dollars a month¹. To expand GMO Group's cryptocurrency footprint, GMO Trust was established as a limited purpose trust company regulated in New York and launched GYEN and ZUSD.

Daily FX turnover is approximately over $6.6 trillion a day, with the US Dollar against the Japanese Yen (USDJPY) being the second most traded currency pair after the Euro against the US Dollar (EURUSD). The introduction of this Japanese Yen stablecoin on INXD provides an innovative asset class and new trading venue with no closing times for the millions of retail, and thousands of institutional FX traders to invest and speculate. It also provides corporate clients an innovative, more efficient Japanese Yen-backed payment solution, with instant settlement in digital wallets as opposed to the traditional market T+2 experienced in the underlying asset.

GYEN and ZUSD will initially be traded against the US Dollar and Bitcoin, with additional pairs added in the future, and unlike traditional FX markets, this digital version will be open on weekends and holidays too!

Stablecoins are already seeing traction as an alternative payment method with the issuance of over $113 billion in stablecoins. Earlier in 2021, the Office of Comptroller and Currency, the US federal banking regulator, affirmed that banks may use stablecoins to facilitate payments to customers noting the speed and efficiency of such instruments relative to more traditional payment methods.

"INX is proud to partner with GMO, a global financial services powerhouse that is issuing financial-grade stablecoins." Shy Datika, founder and CEO at INX said, "GMO has a very synergistic portfolio of businesses that directly aligns with our customer base, which we are ideally positioned to service on the digital asset side as a US regulated cryptocurrency platform. To put it into perspective, daily turnover in Bitcoin is around $40 Billion, while in USDJPY it is closer to $750 Billion. We are very excited to finally close the gap between the FX and cryptocurrency worlds."

"GMO's new stablecoins, including the first regulated Japanese yen stablecoin GYEN, demonstrate our firm belief that tier one institutional traders are ready to embrace innovative digital assets," Ken Nakamura, CEO of GMO Trust said. "We're thrilled to bring these stablecoins to INX's industry-leading exchange, which is built in accordance with top U.S. regulatory standards. Traditional FX brokers are actively exploring 24/7 digital FX through the utilization of stablecoins. We're confident that the INX platform will attract the largest financial firms with its advantages in compliance, safety and technology."

Institutions and corporate treasuries looking to connect and trade the GYEN and ZUSD on INXD are able to onboard here.

Retail investors are encouraged to sign up here.

* Please note that due to regulatory restrictions, GYEN and ZUSD will not be offered to Japanese residents.

¹ Sources: https://forex.z.com/hk/en/press/2019/826/ ; https://www.financemagnates.com/forex/brokers/japanese-gmo-click-securities-breaks-one-trillion-barrier-in-2020/ 

GMO Internet Group and GMO Trust

GMO Internet Group, based in Tokyo, is a global market leader in the Internet infrastructure, Internet finance and the digital asset space since its inception in 1991. It operates the world's largest online FX trading platform, an Internet bank, a cryptocurrency exchange, a cryptocurrency mining operation, a payment gateway, and regulated stablecoins. GMO Internet, Inc. (TSE: 9449) is headquartered in Tokyo, Japan. For more information, please visit https://www.gmo.jp/en  

GMO Trust, based in New York, is a Limited Purpose Trust regulated by the New York Department of Financial Services. Issuing the world's first regulated Japanese Yen stablecoin, GMO Trust also offers a USD stablecoin "ZUSD" and a stablecoin-as-a-service technology and custody product suite. GMO Trust is on a mission to bring traditional finance into the digital age with blockchain services. For more information on GMO Trust, please visit https://stablecoin.z.com

INX Limited

INX Limited launched the first SEC-registered digital security initial public offering (IPO) for both retail and institutional investors. INX is uniquely positioned to offer retail and institutional investors and traders access to both digital securities and cryptocurrencies through both of its trading platforms.

INX's vision is to be the preferred global regulated hub for digital assets on the blockchain, offering technology and related services for both primary and secondary markets. INX's overall mission is to bring communities together and empower them with financial innovation. INX's journey started with its IPO of the INX Token and raising $83M from the IPO and now operates 2 regulated trading platforms for blockchain assets and its interdealer broker plans to offer non-deliverable cryptocurrency forwards to Tier-1 banks in the near future. The INX Token has the largest market capitalization of US-issued digital securities, with the largest daily volume. The INX Token is available for trading, including for Japanese residents, here. INX is shaping the blockchain asset industry through its willingness to work in a regulated environment with oversight from regulators like the SEC and FINRA. For more information, including the INX Token, please visit the INX website here

Forward Looking Statements 
Some of the statements in this press release constitute forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by terminology such as "may," "will," "should," "expects," "plans," "project," "anticipates," "believes," "estimates," "predicts," "potential," "intends," or "continue," or the negative of these terms or other comparable terminology. These forward-looking statements may include, but are not limited to, statements relating to our objectives, plans, and strategies; statements that contain projections of results of operations or of financial condition; statements relating to the research, development, and use of our products; and all statements (other than statements of historical facts) that address activities, events, or developments that we intend, expect, project, believe, or anticipate will or may occur in the future. Forward- looking statements are not guarantees of future performance and are subject to risks and uncertainties. We have based these forward-looking statements on assumptions and assessments made by our management in light of their experience and their perception of historical trends, current conditions, expected future developments, and other factors they believe to be appropriate. These statements are only current predictions and are subject to known and unknown risks, uncertainties, and other factors that may cause our or our industry's actual results, levels of activity, performance, or achievements to be materially different from those anticipated by the forward-looking statements. We discuss many of these risks in greater detail in our Annual Report on Form 20-F for the year ending December 31, 2020, filed with the Securities Exchange Commission on April 29, 2021, including under the headings "Risk Factors" and "Cautionary Note Regarding Forward-Looking Statements." You should not rely upon forward-looking statements as predictions of future events. Although we believe that the expectations reflected in the forward-looking statements are reasonable as of the date hereof, we cannot guarantee future results, levels of activity, performance, or achievements. Except as required by law, we are under no duty to update or revise any of the forward-looking statements, whether as a result of new information, future events or otherwise.

Contact:

INX Limited Douglas Borthwick Chief Business Officer Email: douglas.borthwick@inx.co

GMO Trust GMO-Z.com Trust Company, Inc. PR Department Email: pr@gmo-trust.com

View original content to download multimedia:https://www.prnewswire.com/news-releases/inx-limited-partners-with-japanese-financial-giant-gmo-internet-group-to-bring-nydfs-regulated-stablecoins-to-retail-and-institutional-investors-301381995.html

SOURCE INX Limited

FAQ

What is the significance of the GYEN stablecoin from GMO Trust?

The GYEN stablecoin is notable as it is the first regulated Japanese yen stablecoin, providing a new trading option for investors.

When will GYEN be available for trading?

GYEN will be available for trading on the INX Digital exchange starting October 5th, 2021.

What are the advantages of trading GYEN on INX Digital?

Trading GYEN on INX Digital allows for 24/7 trading, instant settlement in digital wallets, and access to innovations in digital payments.

What other stablecoin is being listed alongside GYEN?

Alongside GYEN, INX Digital will also list GMO Trust's USD-backed stablecoin, ZUSD.

How does the launch of GYEN affect FX trading?

The launch of GYEN introduces an innovative asset class for FX traders, enhancing the efficiency and accessibility of yen-backed transactions.