Major Japanese crypto exchange lands in the US

Major Japanese crypto exchange lands in the US
BI Intelligence This story was delivered to BI Intelligence " Fintech Briefing " subscribers. To learn more and subscribe, please click here . The world's biggest cryptocurrency exchange by trading volume, Japan-based bitFlyer, launched in the US on Tuesday as bitFlyer US, after receiving a BitLicense from New York's Department of Financial Services (NYDFS), as well as licenses from 40 other states. bitFlyer US is targeted at professional traders who trade a minimum of $100,000 in cryptocurrency monthly, says Forbes . For now, the platform only supports Bitcoin trading, but plans to allow Ether, Litecoin, and other cryptocurrencies in early 2018. bitFlyer first revealed its US expansion plans in August. bitFlyer US seems to have a major advantage to steam ahead in the US market. It plans to give US traders access to its Japanese exchange, and hence Japan's booming crypto market. Unlike major US rival Coinbase, bitFlyer will allow US traders to access its Japanese exchange. This is significant, as Bitcoin trading in yen constitutes about 60% of global Bitcoin trading volumes, and bitFlyer holds a whopping 80% of this, according to CNBC. By comparison, the US dollar accounts for just 20% of global Bitcoin trades, says Forbes. As such, bitFlyer US would be giving US traders access to one of the world’s most dynamic Bitcoin markets via a regulated platform, a powerful differentiator. However, bitFlyer US' success is by no means guaranteed. Since surpassing $10,000 , the price of Bitcoin has been extremely volatile — it rose as high as $11,340 on Wednesday before dropping back down to $9,290, and at the time of writing continued to swing wildly. This ongoing volatility will likely make many institutional investors think twice before committing significant volumes of funds to the asset. As such, it seems likely that bitFlyer US' future will remain uncertain until more stability in the price of Bitcoin is established. Sarah Kocianski, senior research analyst for BI Intelligence , Business Insider's premium research service, has put together a report that compiles various fintech snapshots , which together highlight the global spread of fintech, and show where governments and regulatory bodies are shaping the development of national fintech industries. Each provides an overview of the fintech industry in a particular country or state in Asia or Europe, and details what is contributing to, or hindering its further development. We also include notable fintechs in each geography, and discuss what the opportunities or challenges are for that particular domestic industry. In full, the report: Explores the fintech industry in six countries or states, and identifies individual fintech hubs. Highlights successful fintechs in each region. Outlines the challenges and opportunities each country or state faces. Gives insight into the future of the global fintech industry. Interested in getting the full report? Here are two ways to access it: Subscribe to an All-Access pass to BI Intelligence and gain immediate access to this report and over 100 other expertly researched reports. As an added bonus, you'll also gain access to all future reports and daily newsletters to ensure you stay ahead of the curve and benefit personally and professionally. >> Learn More Now Purchase download the full report from our research store. >> Purchase Download Now

November 30, 2017 at 03:04PM