Bitflyer Launches Its New Cryptocurrency Exchange for US Customers

Bitflyer, the world’s largest cryptocurrency
exchange, is muscling in on U.S. territory after
securing a highly coveted Bit License. Just three
of the licenses have previously been awarded,
which entitle a company to operate a bitcoin
exchange within New York. The Japanese
exchange will now roll its services out to
customers in a total of 41 U.S. states.
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Their Sights for the $10,000 Target
From Tokyo to New York
In its native Japan, Bitflyer provides trading of
bitcoin, bitcoin cash, and ethereum against the
yen, with 24-hour BTC volume of around US $170
million. This accounts for 96% of all trading
activity on the platform. Having secured
permission to launch across the majority of the
U.S, the Tokyo company will be able to
significantly broaden its customer base and to
tap into Americans’ growing demand for
cryptocurrencies.
Bitflyer CEO Yuzo Kano.
Japanese cryptocurrency investors have traded $
100 billion of assets via Bitflyer this year and the
exchange will be hoping it can capture a similar
share of the U.S. market. It will face stiff
competition though from established exchanges
such as Coinbase, Gemini, Bittrex, and Kraken.
One exchange it won’t have to compete with is
Asian neighbor Bitfinex, which is in the process
of cutting ties with the U.S. market. Gemini is
making great strides in its quest to grow its
customer base; today the New York-based
exchange announced that it has opened its
services to Oregon residents, taking the number
of states covered to 46.
Japan’s Largest Bitcoin Exchange is Flying
Bitflyer, which accounts for 30% of all bitcoin
exchange volume, is evidently pleased to have
gotten its hands on a Bit License from the New
York Department of Financial Services. These
are notoriously hard to obtain, and are evidence
that Bitflyer has put significant time and effort
into its U.S. expansion.
CEO Yuzo Kano said:
Bitflyer is proud to have been
granted a Bit License to do
business in the state of New York.
This is a nod of approval from one
of the most influential state
financial services regulators in the
nation.
At first customers will only be able to purchase
bitcoin, though Bitflyer has plans to introduce
other cryptocurrencies in due course. As an
incentive to lure U.S. customers, the exchange
will be offering 0% trading fees until the end of
the year. It was in August that Bitflyer first
announced its planned foray into the United
States. The highly regarded Japanese exchange
now has a chance to prove itself Stateside, but
will have its work out to catch Coinbase, which
dominates the American market and has a major
presence in 189 other countries.
Do you think Bitflyer will crack the U.S.
market? Let us know in the comments
section below.