Bitflyer, the world’s largest cryptocurrency exchange, is muscling in on U.S. territory after securing a highly coveted Bit License. Just three of the licenses have previously been awarded, which entitle a company to operate a bitcoin exchange within New York. The Japanese exchange will now roll its services out to customers in a total of 41 U.S. states.
From Tokyo to New York
In its native Japan, Bitflyer provides trading of bitcoin, bitcoin cash, and ethereum against the yen, with 24-hour BTC volume of around US $170 million. This accounts for 96% of all trading activity on the platform. Having secured permission to launch across the majority of the U.S, the Tokyo company will be able to significantly broaden its customer base and to tap into Americans’ growing demand for cryptocurrencies.
"Bitflyer CEO Yuzo Kano"
Japanese cryptocurrency investors have traded $100 billion of assets via Bitflyer this year and the exchange will be hoping it can capture a similar share of the U.S. market. It will face stiff competition though from established exchanges such as Coinbase, Gemini, Bittrex, and Kraken. One exchange it won’t have to compete with is Asian neighbor Bitfinex, which is in the process of cutting ties with the U.S. market. Gemini is making great strides in its quest to grow its customer base; today the New York-based exchange announced that it has opened its services to Oregon residents, taking the number of states covered to 46.
SOURCE:
https://news.bitcoin.com/bitflyer-launches-new-cryptocurrency-exchange-us-customers/
