Kraken Opens Trading For Japanese Users, Becoming 1st Exchange to Enter Japan Organically
Kraken, one of the leading crypto exchanges based in the United States, has relaunched its trading services for Japanese customers under its expansion plan in the Asia Pacific region.
Japanese customers would be able to access Kraken's spot trading services, to begin with, according to the announcement on October 22. The exchange would offer spot trading services for Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Ripple (XRP), and Bitcoin Cash (BCH). The exchange would offer crypto-to-crypto trading pairs along with JPY-denominated pairs for trading.
Kraken claimed that it is the first foreign exchange to organically enter the Japanese market without acquiring any local exchange.
Customers Could Make Deposits in 5 Crypto Assets
The re-launched trading services in Japan by Kraken has been done under its expansion plans in the region. To encourage more customers to join the platform and make it easier for them to trade using the platform, the exchange would offer deposits in 5 crypto assets along with local JPY deposits and withdrawals. The local fiat deposit and withdrawals would be available via SBI Sumishin Net Bank.
Before its current relaunch in Japan, Kraken had already launched its Japanese customers' services back in 2014. By 2018, it had shut its operation in the country, citing the rising cost of operations and expanding in other geographical locations.
Kraken acquired the ‘Crypto Asset Exchange Service Provider’ license last month on September 8th and started registering user accounts by September 18.
David Ripley, COO of Kraken, expressed his joy in re-entering the Japanese markets and said that Japan is a dominant crypto market, and it would prove to be a crucial point for the exchange in its expansion plan in the region. He said,
“In today’s challenging economic environment, more people are turning to cryptocurrencies to hedge against volatile markets and use cryptocurrency as a store of value.”