Kraken, the popular cryptocurrency and bitcoin exchange company, today announced the launch of account funding and trading in Japan. The live opening in Japan is an important milestone in the exchange’s growth and expansion into the APAC region.
The following services are now available to Japan residents:
- Spot trading in 5 major cryptocurrencies – Bitcoin (XBT), Ethereum (ETH), Ripple (XRP), Bitcoin Cash (BCH), and Litecoin (LTC). Both crypto-crypto and JPY-crypto trading pairs will be available.
- Domestic JPY deposits and withdrawals (through SBI Sumishin Net Bank).
- Deposits in Bitcoin (XBT), Ethereum (ETH), Ripple (XRP), Bitcoin Cash (BCH), and Litecoin (LTC).
As previously announced last month, the move is part of Kraken’s plan to reopen and expand its services in Japan. Kraken enabled clients in Japan to create and verify their accounts starting September 18th, and clients who have completed the onboarding process can now fund their accounts and start trading.
Prior to reopening, Kraken completed its registration as a Crypto Asset Exchange Service Provider under Japan’s Payment Services Act on September 8th.
“We’re thrilled to once again be able to offer unparalleled client service and the most secure cryptocurrency trading to Japanese market participants,” said David Ripley, Chief Operating Officer of Kraken. “In today’s challenging economic environment, more people are turning to cryptocurrencies to hedge against volatile markets and use cryptocurrency as a store of value.”
Commenting on the live opening in Japan, Takeshi Chino, CEO Payward Asia, a Japanese entity of Kraken said: “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 to 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 more than two million active crypto trading accounts. The Kraken team believes the potential for growth is even greater.