Bitcoin exchange bitFlyer has opened access to the BTC/JPY trading pair for US customers, according to a release sent to Bitcoin Magazine.
The option opens new access to the Japanese Bitcoin market for American traders. The bitFlyer team announced the new access at the Bitcoin 2021 conference.
“Thanks to the launch of cross-border trading on bitFlyer USA, US traders can now access a regulated JPY marketplace to buy and sell bitcoin, and seize its unique trading opportunities,” in the release. “bitFlyer is Japan’s leading cryptocurrency exchange by volume and operates the largest BTC/JPY market. In the first quarter of 2021, the BitFlyer BTC/JPY spot market recorded a trading volume of over $30 billion, accounting for 40% of the system’s Japanese Bitcoin.
The announcement added that the BitFlyer yen market is as large or larger than the BTC/USD market on major exchanges such as Bitstamp, Kraken and Gemini.
According to the announcement, “Over the past few years, Japan has been the second largest market in the bitcoin ecosystem, after the US dollar, with widespread adoption of cryptocurrencies among traders and in daily purchases.” Historically, access to Japanese markets has been limited due to regulatory restrictions, which has created large price gaps and an ecosystem somewhat isolated from the rest of the world. By opening access to US traders, bitFlyer will be the gateway to connecting the Japanese market to the broader cryptocurrency ecosystem.”