octopus, a major cryptocurrency exchange based in the United States, launched cryptocurrency finance and trading services in JapanThis will promote expansion in the Asia-Pacific region (APAC).
October 22nd The exchange announced that it has started spot trading in Bitcoin (BTC), Ether (ETH), Litecoin (LTC), Ripple (XRP) and Bitcoin Cash (BCH) for Japanese residents. Both cryptocurrency pairs and yen-denominated pairs are available.
Customers can make deposits into all five crypto assets. Deposits and withdrawals in JPY are also possible via the SBI Sumishin Net Bank.. Kraken’s announcement states that it will be the only global cryptocurrency company to enter the Japanese market “organically” “without acquisition”.
Ironic The statement draws attention to how it entered the Australian market when it acquired the country’s oldest cryptocurrency exchange, Bit Trade, in January. Kraken released support for AUD funding and trading pairs in June.
Kraken had been offering services to Japanese residents back in 2014, but stopped serving Japan almost four years later. citing rising operating costs and a strategic decision to focus on “other geographic areas”.
Kraken announced that it would return to Japan last month after receiving the “Crypto Assets Exchange Service Provider” license. September 8th. The exchange allowed users to create accounts starting September 18.
David Ripley, Kraken’s Chief Operating Officer, expressed satisfaction with the return to Japan and stated: “In today’s challenging economic environment, more and more people are turning to cryptocurrencies to protect themselves from market volatility and to use cryptocurrencies as a store of value.“.
Kraken plans to expand the available crypto assets and services in the coming months. More than two million Japanese people have accounts with cryptocurrency exchanges.
Chinese takeshi, the CEO of Kraken Payward Asia’s Japanese subsidiary, pointed to an increasing demand for decentralized finance (DeFi) in Japan::
“Investors in this space are drawn not only to price movements, but also to new investment opportunities, including the innovation that is currently happening in the DeFi space.”