Japan’s Largest Bitcoin Exchange is Coming to The United States
bitFlyer, which is Japan’s largest Bitcoin exchange platform, is seeking to expand into the United States. The company recently finished a U.S. beta test with 2,000 traders and investors.
While speaking with Business Insider, bitFlyer said that its service has been experiencing “explosive” growth since it launched in 2014. A recent report stated that trade between Bitcoin and Yen was higher than any other fiat currency.
One of the key things that bitFlyer brings to the table is a large number of institutional investors which are already using the platform to trade Bitcoin on the Japanese market. The service is hoping that it will be able to provide U.S. investors with the same sort of institutional support that has made the platform so successful in Japan.
“Our expansion and upcoming cross-border trading addresses a huge unmet need in the US by institutional tradings looking to access large amounts of liquidity across multiple virtual currency market,” bitFlyer’s USA Chief Operating Officer Bartek Ringwelski told Business Insider.
The company’s recent beta test included a number of professional investors and large institutions so it does appear that bitFlyer has a found a market in the U.S. Ringwelski said that number of firms have reached out to bitFlyer, but he declined to mention names.
In recent months, a number of large firms have entered the Bitcoin market such as DRW and DV Trading. Some companies are also considering setting up Bitcoin future exchanges to allow investors to speculate on the short-term growth of the cryptocurrency. Ringwelski said that he expected 2018 to be a major year in terms of Bitcoin investment.
‘2018 is the year when things start moving with regards to institutions moving into the market and dominating it.’
Of course, it remains to be seen how well Bitcoin takes to institutional investments. It is possible that many of those interested in the coin will be pushed out of the market by larger players.
Eric is an avid tech junkie, gamer, and comic fan. When he's not working on his PC, you'll find him at your local comic book shop.