The San Francisco-based Bitcoin exchange, Kraken has announced that it has launched trading between Bitcoin and Japanese Yen (XBT/JPY) for traders in Japan. In the announcement the company divulged that it is coinciding with the launch of domestic JPY funding which will allow clients in Japan to quickly fund their Kraken accounts with their national currency.
Though the Bitcoin-euro trading has been available in Japan since Kraken opened in September 2013, this will be for the first time that the company will allow XBT/JPY. The press release from the firm says that the launch allows Kraken to leverage its success in Europe as the reigning leader in euro trading and bring its signature exchange experience to the Japanese market.
The huge success Kraken received in XBT/EUR exchange services only 5 months after opening has emboldened the company. The company received consistent top ratings from third party reviewers due to their commitment to being reliable, secure, compliant and transparent; the confident Bitcoin exchange believes that the new service will also be successful.
Talking to media professionals Kraken CEO Jesse Powell said that his organization recognized in 2011 that the exchange is the most important and fundamental part of the Bitcoin ecosystem and that is why it was founded. According to him it was clear to him that a strong foundation can only be achieved by doing what’s in the best interests of clients and the space as a whole.
The Only Major Exchange to Offer XBT/JPY Order Book
The company also informs that it is the only major exchange to offer a dedicated XBT/JPY order book and this according to the organization is an important milestone in integrating Bitcoin into the global financial infrastructure, as along with London and New York, Tokyo is one of the world’s leading financial hubs.
It says that Japan now has the appropriate trading platform to support its banks, hedge funds, pension funds, and other institutions or individuals that are interested in trading Bitcoin. Nonetheless, Kraken also offers comprehensive support for Japanese speakers, with a fully translated Japanese version of the site and Japanese-speaking support agents to assist clients.
The work that Kraken has been offering historically is expected to help it further. Earlier, the company was active in Japan helping Japanese parliament member Mineyuki Fukuda and the IT Committee of the ruling Liberal Democratic Party (LDP) in establishing the Japan Authority of Digital Assets (JADA) to regulate the Bitcoin industry in Japan.
Even Fukuda admitted that big and trustworthy exchanges are essential for the growth of Bitcoin and other digital currencies in Japan and he has a great expectation for Kraken’s success in Japan.
To contact the reporter of this story: Deepak Tiwari at email@example.com