Japan’s Largest Bitcoin Exchange Expands to USA

FinTech, Investing, News, Regulation | August 22, 2017 By:

Tokyo-based bitcoin exchange bitFlyer has opened an office in San Francisco and will be launching its US-based bitcoin exchange by the fall of 2017.

Founded in 2014, bitFlyer is Japan’s largest bitcoin exchange by trading volume and one of the largest in the world. The exchange claims to have facilitated over $40 billion in bitcoin trades, $30 billion of which happened this year. It supports multiple digital currency trading pairs, including ether and Bitcoin Cash.

Last week, bitFlyer announced that that it has received regulatory approval to operate in 34 states in the United States. The company said it is pushing towards a more global approach specific to bitcoin and other digital currencies. The move is part of an effort to expand outside of Japan.

At launch, bitFlyer will offer BTC/USD trading. The exchange plans to support other trading pairs and products in the future.

bitFlyer CEO Yuzo Kano said that while Bitflyer is headquartered in Japan, his vision was always to create a global company.

“I am excited that the US will be our first step toward global expansion, said Kano. “Bitcoin is a global currency. Now our exchange will be global, too.”

Earlier this year, bitFlyer raised $1.75 million in a funding round. It has amassed more than 4.1 billion yen (approx. $36 million) in venture capital funding since its 2014 launch.