Cryptocurrency exchange Kraken has announced to offer trading services in Japan as part of its expansion plan in the APAC region.
Spot Trading for Five Cryptocurrencies
According to the official announcement, the exchange will offer spot trading for five major cryptocurrencies, including Bitcoin, Ethereum, Ripple, Bitcoin Cash, and Litecoin. For these five digital currencies, the trading pairs will be available both in crypto as well as in fiat currency. What’s more, the facility of deposits and withdrawals in fiat currency (JPY) is available but only with SBI Sumishin Net Bank.
In order to provide services in the region, Kraken registered as a Crypto Asset Exchange Service Provider on September 8. The exchange announced on Sept. 18 that people can register their accounts with the platform. Those, who have verified their accounts, are now eligible to start the trading process after funding their accounts.
Recently, the company unveiled its plan of expansion in Asia –Pacific (APAC) region. In the future, Kraken will provide more products and assets for traders in Japan.
Kraken was functional in Japan two years back, but then it stopped offering its services for people in Japan due to some reasons. Once again, they are ready to expand their reach in the region amid the rapid adoption of cryptocurrency across the world.
David Ripley, Chief Operating Officer of Kraken, says in these uncertain and challenging times, investors are trying to save their capital by looking for hedge investment tools such as cryptocurrency, and digital assets can be used as the best store of value.
Takeshi Chino, Chief Executive of Kraken’s entity Payward Asia, explains cryptocurrency has the “staying power” and it “continues to evolve.” People are not just inspired by the price potential but there are a lot of opportunities in the cryptocurrency space.
Kraken has a strong legal position as it has strong ties with the regulators as well as banks in the region. It has already experienced in dealing with Japan-based traders and investors as it was working in the region two years back. Currently, there are more than 2 million active registered users from Japan.