Europe gains access to bitFlyer
Cross-border trading assists traders working with large amounts, because the increased liquidity enables the swifter delivery of trades. It also minimizes the gap between seller and buyer prices and reduces slippage risk.
The new move makes bitFlyer the first cryptocurrency exchange in the world to facilitate operations in Japan, America and Europe.
Launched in 2018, bitFlyer Europe is a subsidiary of bitFlyer Inc, which is one of the best-established cryptocurrency exchanges in Japan. A trusted entity in terms of licensing and reliability, it was recently hailed as one of only ten Japanese exchanges to present authentic trading volumes.
Cross-border trading has historically posed difficulties to foreign traders, due to users not being able to subscribe to Japanese exchanges. bitFlyer’s new drive now allows access to BTC/JPY via the current bitFlyer Europe account. This means it is no longer necessary to create several accounts across numerous exchange platforms.
bitFlyer Europe’s COO, Andy Bryant, explained, “The launch of bitFlyer’s cross-border trading is revolutionary for the cryptocurrency industry and a huge milestone for us. Before now, it’s been virtually impossible for traders with Euros to participate in the BTC/JPY trading pair without going through multiple extra steps and/or sign up processes, bringing unwanted inconvenience and delays.”
Japan is currently home to the biggest global bitcoin market. An estimated 20% trading volume of the global national currencies (BTC to FIAT) is pitched against the Japanese Yen. Furthermore, bitFlyer already handles over 70% of JPY trading.
Yuzo Kano, Founder of bitFyler Group and Chairman of bitFlyer Europe, said; “bitFlyer’s objective has always been to create a truly global cryptocurrency trading platform that allows users to benefit from the scale, depth and liquidity of one, single marketplace. Liquidity is a constant challenge for cryptocurrency markets and is essential to ensure the future growth and sustainability of BTC and the cryptocurrency industry. Today’s announcement is a huge step forward in that regard.”