Kraken launched funding and crypto trading services in Japan, furthering its expansion into the Asia-Pacific (APAC) region

By Selena On Oct 22, 2020

Cryptocurrency exchange Kraken has announced the launch of account funding and trading in Japan. Japan’s live opening is an important milestone in the exchange’s growth and expansion into the APAC region.

? *UPDATE* KRAKEN LAUNCHES FUNDING AND TRADING IN JAPAN

JPY funding and trading in 5 major cryptocurrencies are now available.

? Bitcoin (XBT)
? Ethereum (ETH)
? Ripple (XRP)
? Bitcoin Cash (BCH)
? Litecoin (LTC)

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— Kraken Exchange (@krakenfx) October 22, 2020

Japanese residents can once again trade cryptocurrency on Kraken

Up to now, Kraken has provided a variety of services to Japanese citizens, including support for spot trading in 5 major cryptocurrencies – Bitcoin, Ethereum, Ripple, Bitcoin Cash, and Litecoin. Both crypto-crypto and JPY-crypto trading pairs will be available. Meanwhile, Kraken also opens domestic JPY deposits and withdrawals through SBI Sumishin Net Bank. Kraken had previously launched services to Japanese residents in 2014; however, it stopped servicing Japan nearly four years later, citing rising operating costs and a strategic decision to focus on other geographical areas.

The move is part of Kraken’s plan to reopen and expand its services in Japan. Kraken allows customers in Japan to create and verify their accounts starting September 18, and customers who have completed the referral process can now fund their accounts and initiate trading.

Before reopening, Kraken completed registration as a Crypto Asset Exchange Service Provider under the Japan Payment Services Act on September 8.

David Ripley, Chief Operating Officer of Kraken, said:

“We’re thrilled to be once again able to offer unparalleled client service and the most secure cryptocurrency trading to Japanese market participants. In today’s challenging economic environment, more people turn to cryptocurrencies to hedge against volatile markets and use cryptocurrency as a store of value. ”

Commenting on the live opening in Japan, said Takeshi Chino, Managing Director of Payward Asia, a Kraken Japan organization:

“Crypto has demonstrated that it has staying power and that it continues to evolve. Investors in the space are not only drawn to price movement, but also new investment opportunities, including the innovation currently coming out of the DeFi space.”

Japan is one of the world’s largest cryptocurrency markets, with an estimated two million active crypto trading accounts. The Kraken team believes there is even greater growth potential.

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