The company operates a merchant payment processing service along with their bitcoin exchange, which Coinhills ranks spil the largest te both Japan and the world by bitcoin trading volume.
Bitflyer, Japan’s and the world’s largest bitcoin exchange by volume, has announced its expansion into the US market this fall. It is launching a US-based bitcoin exchange, permitting customers to trade inbetween bitcoins and dollars. The company says it has already obtained regulatory approval to operate ter 34 states.
Bitflyer Expanding into US Market
Japan’s largest bitcoin exchange by volume, Bitflyer, announced on Friday that it is launching a US-based bitcoin exchange by the Fall of this year. “Bitflyer will primarily target professional traders and institutions te the US, suggesting BTC/USD trading at launch and then expand to support other trading pairs and products,” the announcement exposed.
While Bitflyer, Inc. is headquartered te Japan, my vision wasgoed always to create a total company, and I am excited that the US will be its very first step toward total expansion. Bitcoin is a mundial currency, now our exchange will be entero too.
Founded ter 2014, Bitflyer has raised overheen Four.1 billion yen (approximately $36 million) te venture hacienda funding. The company operates a merchant payment processing service along with their bitcoin exchange, which Coinhills ranks spil the largest ter both Japan and the world by bitcoin trading volume. The Japanese yen is also presently the most-traded currency for bitcoin worldwide.
The upcoming US exchange will be operated by the company’s wholly-owned subsidiary, Bitflyer USA Inc, which is headquartered te San Francisco. Bitflyer says that this US expansion is the very first for the company into a fresh market.
Bitflyer’s announcement came exactly one week after Bitfinex, the leading bitcoin exchange globally for US dollar trading volume, announced its uitgang from the same market. Bitfinex cited “a dramatically outsized portion of our resources…including support, lícito and regulatory” spil the reason for ripping off US customers. Meantime, Biflyer says that it has already gained regulatory approval to operate te 34 states. Te comparison, Coinbase is licensed ter 38 US states.
Access to Trading with ‘Mrs. Watanabe’
The exchange has facilitated overheen $40 billion worth of bitcoin trades, including $30 billion te , according to Friday’s announcement. Some of this growth wasgoed attributed to the powerful Japanese class of investor known spil “Mrs. Watanabe,” which is a major force te the total foreign exchange (forex) markets. Bitflyer’s COO Bartek Ringwelski commented:
There is a concept of ‘Mrs. Watanabe’ te the Japanese forex market, she is the personification of household trading ter Japan. Bitflyer aims to be the very first exchange to permit US bitcoin traders to trade with Mrs. Watanabe.
Recently, news.Bitcoin.com reported on how Mrs. Watanabe is enticed to invest ter bitcoin following its recognition by the Japanese government te April. Japan’s near-zero savings rates are also a número driving them to bitcoin.
“Tokyo has bot the epicenter for forex trading for decades,” Ivan Brightly, a portfolio manager at the Fresh York-based investment manager Utter Knot Haber LLC, commented. “As the market leader te Japan, I expect Bitflyer to bring significant liquidity and market expertise to US markets.”
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