GMO Financial Sees Strong Revenue, Earning with Crypto Trading Boom

GMO Financial Holdings, a subsidiary of Japanese conglomerate GMO Internet, released its preliminary consolidated financial results for the first nine months of the year, ending on September 30, showing substantial gains across revenue and profits.

The operating revenue of the company in the period skyrocketed to more than 33 billion yen, which is 18.4 percent higher than the previous year. It generated 12.4 billion yen as operating income and another 12.7 billion as ordinary income, both of which jumped by 22 percent and 27.9 percent, respectively.

The profit of the Japanese company in the nine months surged by 25.8 percent to 7.8 billion yen.

Crypt Boom

GMO Financial’s offerings include trading services with over-the-counter (OTC) Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term and contracts for difference (CFDs) instruments. It also started to offer cryptocurrencies trading amid huge demand for the asset class among retail traders.

“For the nine months ended September 30, 2021, the trading volume and revenue of OTC-FX and CFDs decreased compared to the same period last year, which saw a volatile market due to the rapid market fluctuations,” the announcement added.

“However, operating revenue increased by 18.4% YoY mainly because the trading volume of and the revenues related to the transactions of crypto assets increased significantly amid the volatile crypto assets market.”

Additionally, GMO revealed that it ran rampant advertisement and Marketing Marketing Marketing is defined as the business process of identifying, anticipating and satisfying customers' needs and wants.This is a crucial element of any operation or brokerage in the financial services space. Well-funded marketing campaigns are instrumental to the survival and longevity of these companies in an increasingly competitive industry.Within the forex space, marketers perform a wide range of functions to help procure, secure, or retain clients.In particular, newer forex brokers also have t Marketing is defined as the business process of identifying, anticipating and satisfying customers' needs and wants.This is a crucial element of any operation or brokerage in the financial services space. Well-funded marketing campaigns are instrumental to the survival and longevity of these companies in an increasingly competitive industry.Within the forex space, marketers perform a wide range of functions to help procure, secure, or retain clients.In particular, newer forex brokers also have t Read this Term campaigns since the second quarter to promote its crypto trading business.

“While selling, general and administrative expenses, especially advertising and promotion costs, increased due to aggressive marketing measures, such as TV commercials conducted since Q2 in the crypto assets business, which saw strong trends, operating income, ordinary income, and profit attributable to owners of the parent increased compared to the same period last year,” the company added.

Last month, the Japanese financial services company decided to re-purchase 4.07 percent of the total outstanding shares from Daiwa Securities Group.