In a major announcement today, Kraken has finally set the ball rolling by charting out its high-growth expansion plans in the APAC region. It has achieved one of its major milestones as it announces the launch of account funding and trading in Japan.
As of now, the Japanese residents will be able to access the following services:
- Domestic JPY deposits and withdrawals through SBI Sumishin Net Bank
- Crypto deposits in Ethereum, Litecoin, Ripple, and Bitcoin Cash.
- It will also offer spot trading in 5 major cryptocurrencies namely Bitcoin (XBT), Ethereum (ETH), Ripple (XRP), Bitcoin Cash (BCH), and Litecoin (LTC). Both crypto-crypto and JPY-crypto trading pairs will be available.
Last month Kraken had announced that it will soon be reopening its services in Japan. The reopening of its services in Japan is a move that forms a part of a broader initiative to expand its services to high-growth APAC nations. The announcement follows its rapid expansion into the ever-growing Australian market after it acquired Bit Trade.
Kraken believes that this is the right time to re-enter the Japanese markets because the markets are encouraging. At a global level, cryptocurrencies are finding its rightful place and as far as the Japanese markets go, it already has in place a well-structured and grounded regulatory environment and in terms of crypto adoption, it might be among the top nations also.
Two years ago in 2018, Kraken exited the Japanese markets because it wanted to focus its resources on improving in other growing markets. But Kraken is now prepared for its re-entry after two long years. In the course of two years, it has established Payward Asia, a Tokyo-based subsidiary as well as created processes that would strengthen its internal governance. On September 8th Kraken completed its registration as a crypto asset exchange service provider under the payment services act.
David Ripley, the COO of Kraken is excited about the re-entry. He said,
“We’re thrilled to once again be able to offer unparalleled client service and the most secure cryptocurrency trading to Japanese market participants. 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.”
Kraken is one of the first and probably the only global digital asset company to enter the market in an organic manner, that is, without any acquisition. The company boasts of its deep-set knowledge of local markets and regulations along with its sturdy ties with top banking partners puts Kraken on a positive radar in the Japanese crypto market.
Japan is also considered on the world’s most active and biggest cryptocurrency markets and is estimated to have more than 2 million active crypto trading accounts. But the true potential is yet to be tapped and Kraken believes this is achievable by educating the stakeholders of the intrinsic value of the assets listed on its exchange. It intends to increase crypto adoption rates in Japan.
Takeshi Chino, CEO of Payward Asia commented on the resurgence of crypto in Japan:
“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.”