GMO Launches “CryptoChips,” A Bitcoin-Based Gaming Rewards System
Prominent Japanese conglomerate, GMO Internet Inc., has taken another significant step in its quest to excel in the cryptocurrency market. On May 31, 2018, the firm announced the launching of an in-game rewards system called CryptoChips.
GMO announced the crypto gaming rewards system via a press release on the company’s website. In recent times, GMO has expanded from an Internet company, into a significant player in the domestic cryptocurrency scene in Japan.
According to GMO, CryptoChips is an application that enables players to earn rewards while playing games. These rewards can be obtained by achieving specific milestones in these games and, more importantly, CryptoChips will be launched with bitcoin support. GMO also said that the bitcoin-based in-game rewards system would first be installed its own real-time territorial battle strategy game, “Whimsical War.”
Starting from August 2018, players of the game will receive rewards in bitcoin based on their rankings in the game.
According to the press release:
“CryptoChips can be mounted on the game application and allows players to receive cryptocurrency as remuneration within the game – like “secret pocket money” – depending on the players’ rankings or when players have achieved missions or acquired items. The players must have their wallets (cryptocurrency accounts) to receive the remuneration (cryptocurrencies).”
Part of the company’s goal is to improve people’s familiarity and understanding of the nascent cryptocurrency market. GMO plans to use the famous gaming industry as a veritable platform for educating people on cryptocurrencies. Whimsical War is available for download on the iOS and Android.
GMO Internet and the Bitcoin Market
From large-scale mining to wallet services, GMO has been making significant inroads in the cryptosphere. In September 2017, the company announced its decision to embark on bitcoin mining with an initial investment of $3 million. By December 2017, there were reports that the company had officially initiated its bitcoin mining enterprise in Northern Europe. The choice of Northern Europe was to cut cost based on the availability of cheap electricity and the cold climatic conditions.
GMO uses cutting-edge 7nm chips to power its mining operations. In addition to its location-based mining endeavors, GMO also announced that it planned to offer cloud mining services as well as build a series of “next generation mining boards.”
In March 2018, BTCManager reported that GMO had already raked in bitcoin mining revenues exceeding $3 million. In only three months, the company had mined 240 bitcoin (BTC) and 525 Bitcoin Cash (BCH). By May 2018, GMO had reportedly mined over 900 BTC and 537 BCH respectively.
The company made significant efforts to enhance its hashrate to improve its mining efficiency. As part of its efforts, the company also declared its intention to contribute resources into R&D for more sophisticated mining chips. The company also pays a percentage of its staff salaries in bitcoin.