Major Japanese cryptocurrency exchange bitFlyer announced that it would allow US-based customers to access its Yen-Bitcoin trading pair.
What Happened: BitFlyer U.S.A. announced today at Bitcoin 2021 conference that American customers will be able to tap into the world’s largest BTC/JPY market.
According to the company’s spokesperson, this move will lead to increased liquidity and new arbitrage opportunities.
The launch of the exchange’s cross-border trading for US-based customers enables Americans to access a regulated Bitcoin market denominated in Japan’s fiat currency.
BitFlyer USA Chief Operating Officer Joel Edgerton explained that the development allows Bitcoin to fill an important role in the international economy.
“By opening up access to BTC/JPY markets for US residents, we enable a tighter connection between the two cryptocurrency markets. Bitcoin can now act as the glue between the two local financial systems — an exciting step on the path to wider adoption,” he said.
BitFlyer is Japan’s top crypto exchange, according to CoinMarketCap data.
Its BTC/JPY spot market posted over $30 billion in trading volume, representing 40% of the Japanese Bitcoin ecosystem in the first quarter of 2021, according to the data reviewed by Benzinga.
Furthermore, Japan has been the second-largest market in the Bitcoin ecosystem behind the US dollar over the past few years based on Coinhills data — except South Korea’s won overtook it as of press time.
Check out our latest interview with BitFlyer USA’s CEO Joel Edgerton
© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.