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Japanese Bitcoin Exchange, Bitflyer To Start Operations In US

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Japan’s BitFlyer to Travel Overseas With Global Business Aim

BitFlyer, a Bitcoin exchange from Japan have announced the spread of their operations into the US soil within 2017 fall. They have selected San Francisco to house their next company office. BitFlyer, the third largest cryptocurrency trading platform has already garnered regulatory clearance for aiding customers of 34 states to transact in digital currencies via its US counterpart, BitFlyer USA.

Yuzo Kano, the company CEO recently said that in spite of having their headquarter in Japan the company vision had always been to set up a global existence. Bitcoin being a global currency, it will be highly beneficial if the same can be transacted surpassing geographic boundaries. Their latest US venture will be the first step towards achieving this global phenomenon. The announcement also had clear indications of targeting professional traders and institutional investors before turning attention to public sector.

Also Read: 18 Companies Apply For Bitcoin Exchange License in Japan

US Scenario

Keeping the complicated regulatory landscape of US in the background, this for sure is a notable development.  In the US market, regulators operating in each state hold individual oversight regimes and licenses. Increase in Bitcoin oversight as accentuated by states like Washington is also causing more and more cryptocurrency enthusiasts to pull out of this lucrative market.

Future Roadmap of the Bitcoin Exchange

Bitflyer will first be launching a market to foster Bitcoin trading and will soon be following it up with other cryptocurrency options. Their core goal remains to expand support to other trading products and pairs. The start-up raised approximately $27 million last year through Series C funding and have accumulated almost $34 million till date in venture capital.

(Also Read: Coinbase raises USD$100 million, becomes first Bitcoin Unicorn Startup)

Conclusion

The BitFlyer initiative comes at a time when cryptocurrency exchanges around the globe are taking new initiatives to enhance customer experience in the digital currency exchange spectrum. A hike in crypto debit card offerings and future trading platform made by CryptoPay indicates the growing requirement of global accessibility.

Other than exchanges, cryptocompanies are also setting up Bitcoin powered ATM’s in virgin regions thus bringing in more investors under its purview. Approximately 500 new ATM’s have been proposed to be installed in Britain alone within the year end. The concept of cryptocurrency ATM attracts layman who feel at comfort with the idea of withdrawing regular cash from ATM vending machines. With the growing acceptance of Bitcoin we can surely accept its price to hike up more in days to come.

Also Read: First Bitcoin ATM in Malta

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