Cryptocurrency exchange bitFlyer now supports cross-border trading on its platform, as per a release shared with the BTC Times. The new feature will give the exchange's European users direct access to one of the largest Bitcoin markets in the world: Japan.
The Japanese cryptocurrency market is one of the largest in the world, with over two million active addresses in September, according to statistics shared by bitbank. According to bitFlyer, approximately 20% of the global Bitcoin to fiat trading volume is further traded against the Japanese yen. However, accessing this market has been notoriously challenging for international traders, requiring them to jump through various legal and regulatory hoops.
“Before now, it’s been virtually impossible for traders with Euros to participate in the BTC/JPY trading pair without going through multiple extra steps and/or sign up processes, bringing unwanted inconvenience and delays,” said Andy Bryant, COO of bitFlyer Europe.
bitFyler launched in 2014 in Japan, a few months before the collapse of Mt. Gox. Since then, the exchange as expanded internationally, establishing subsidiaries in the U.S. and Europe. bitFlyer is the first cryptocurrency exchange that is licensed to operate in Japan, the EU, and the U.S.
Claiming to own 70% of the Japan’s Bitcoin BTC to FIAT market, bitFlyer anticipates the new feature to especially benefit traders looking to handle large volumes: the increased liquidity may allow for faster execution of trades, reducing the risk of slippage and the spread between buy and sell prices.
“(Our) objective has always been to create a truly global cryptocurrency trading platform that allows users to benefit from the scale, depth and liquidity of one, single marketplace. Liquidity is a constant challenge for cryptocurrency markets and is essential to ensure the future growth and sustainability of BTC and the cryptocurrency industry as a whole. Today’s announcement is a huge step forward in that regard,” says Yuzo Kano, Founder of bitFlyer group and Chairman of bitFlyer Europe, about the launch.