SAN FRANCISCO, CA / ACCESSWIRE / June 3, 2021 / Leading cryptocurrency exchange bitFlyer has opened access to its Bitcoin-to-Japanese yen pair, the world's largest cryptocurrency market denominated in yen, to traders located in the United States. Thanks to the launch of cross-border trading on bitFlyer USA, American traders can now access a regulated JPY market for buying and selling Bitcoin, and capture its unique trading opportunities.
bitFlyer is Japan's leading cryptocurrency exchange by volume and manages the largest BTC/JPY market. In the first quarter of 2021, bitFlyer's BTC/JPY spot market posted over $30 billion in trading volume, representing 40% of the Japanese Bitcoin ecosystem.
Moreover, bitFlyer's influence expands beyond Japan. Its yen market is equal to or larger than the BTC/USD market of some of the industry's largest players, such as Bitstamp, Kraken, and Gemini, making it one of the most attractive bitcoin to fiat markets in the world.
Over the last few years, Japan has been the second largest market in the bitcoin ecosystem behind the US dollar, with wide adoption of crypto both among traders and in day-to-day purchases. Historically, however, access to Japanese markets was limited due to regulatory constraints, creating significant gaps in price and a somewhat siloed ecosystem from the rest of the world. By opening up access to US traders, bitFlyer will be the gateway to connect the Japanese market to the wider cryptocurrency ecosystem.
"It's another step forward to increase global adoption of bitcoin," said Joel Edgerton, Chief Operating Officer of bitFlyer USA. "By opening up access to BTC/JPY markets for US residents, we enable a tighter connection between the two cryptocurrency markets. Bitcoin can now act as the glue between the two local financial systems - an exciting step on the path to wider adoption."
bitFlyer USA is committed to expanding access to digital assets globally and reducing inefficiencies in the financial system, while remaining fully regulated and compliant to local regulatory frameworks. As the first exchange to gain licenses in the US, Japan and Europe, bitFlyer has been at the forefront of the industry's regulatory developments, connecting some of the biggest cryptocurrency markets in the world. In the future, bitFlyer will continue to integrate more markets and more currencies into a global crypto ecosystem.
About bitFlyer USA, Inc.
bitFlyer USA, Inc. is a wholly-owned subsidiary of bitFlyer, Inc., a leading Bitcoin and blockchain company based in Japan. The global exchange offers retail investors the ability to easily buy and sell Bitcoin, Ethereum, and other popular cryptocurrencies, as well as a powerful trading platform for sophisticated traders and institutions. Launched in the U.S. in 2017 and headquartered in San Francisco, California, bitFlyer USA currently operates in 49 US states and territories, including New York with the New York Bitlicense. bitFlyer USA, Inc.