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Kraken relaunches Crypto Trading Services for Japanese residents
Kraken has announced the relaunch of account funding and crypto trading in Japan. This move comes as an attempt to expand in APAC region.
By Komal Joshi · Oct 24, 2020 . 5min read
Kraken, one of the major crypto exchanges based in the U.S., has relaunched its funding and crypto trading services for Japan’s residents. According to the blog post, this relaunch is part of the Asia-Pacific (APAC) region expansion of the firm.
Today, Kraken stipulated the resumption of spot trading of Bitcoin, Ripple, Bitcoin Cash, Litecoin, and Ether. Meantime, Kraken also opens domestic JPY (Japanese yen) deposits and withdrawals. The withdrawals will be accessible via SBI Sumishin Net Bank. The exchange claims to be the first one to enter naturally into the Japanese market, without an acquisition.
Kraken earlier launched services in Japan in 2014
This isn’t the first time that Kraken has launched its services in the Japanese market. To date, Kraken has offered a diversity of services to Japanese citizens. Kraken had earlier launched services to Japanese residents in 2014.
The exchange started its service in 2014 and proceeded its services for four years. However, it had to stop its services in 2018 due to a substantial increase in the operating cost. Along with this, it also desired to change its focus on other geographical areas as well. On September 08, Kraken acquired a license of “Crypto Asset Exchange Service Provider.” As soon as the exchange received the permit, it declared to relaunch its services in Japan. Kraken allows consumers in Japan to build and verify their accounts beginning September 18, and consumers who have concluded the referral process can now finance their accounts and initiate trading.
David Ripley, COO of Kraken, is thrilled to re-enter the Japanese crypto market. Additionally, he elucidates that more and more people are moving towards cryptocurrency in the recent scenario and are employing it as a store of value. Moreover, he also unveiled the exchange plan further to expand its services in the next few months.
Conclusively, Japan is one of the world’s largest cryptocurrency markets, with an expected two million active crypto trading accounts. Moreover, the Kraken team considers there is more significant growth potential.
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