Crypto Unit Generates $2.3M for Japan’s GMO Internet Group in Q2

Japan’s GMO Internet Group reported earnings of 255 million yen (approximately $2.3 million) from its crypto-related businesses in the second quarter of its fiscal 2018. This marked a significant increase in net revenue, which soared to 2.6 billion yen (about $23.5 million).

In the prior quarter, the internet services company recorded revenues of 630 million yen from its crypto endeavors but faced a net loss of 730 million yen in this area. Comparatively, during the same quarter in 2017, GMO’s crypto segment generated revenues of 960 million yen and net profits of 530 million yen.

The GMOCoin cryptocurrency exchange played a vital role in these developments, contributing to the overall performance of the company’s crypto operations.