- Kraken exchange is returning to the Japanese market after two years.
- The exchange has relaunched trading support for five cryptos, including Bitcoin.
Leading digital currency exchange, Kraken announced on Thursday that it had relaunched trading support for Japanese cryptocurrency traders. The exchange previously halted its services for Japanese, citing the high cost of operating in the country, among others. However, the customers can now fund and trade up to five popularly-traded cryptos, as Kraken looks to expand into the APAC region.
Kraken exchange bring back trading support for Japanese
Per the announcement, Kraken exchange has enabled spot trading of Bitcoin (BTC), and four other cryptocurrencies – Ether (ETH), Bitcoin Cash (BCH), Ripple (XRP), and Litecoin (LTC). The Japanese traders can also access the assets via the following trading pairs, crypto-to-crypto, and fiat (JPY)-to-crypto. The fiat currency withdrawal and deposits on the platform will be powered by the SBI Sumishin Net Bank.
By restoring trading of Japanese crypto investors, Kraken exchange disclosed that it’s part of their movement to expand cryptocurrency services across the country. The exchange’s COO, David Ripley, explained that the present economic challenge is pushing many people to crypto as an ideal alternative to avoid volatile markets and inflation. Thus, the exchange is offering a secure environment to facilitate the shift.
Kraken reposition for the Japanese market
The development today comes two years after Kraken exchange left the Japanese market. At the time, the crypto exchange blamed the high cost of operation and planned to focus on the cost-friendly jurisdiction. However, it revealed plans to return to the Japanese market following the completion of the Crypto Asset Exchange Service Provider registration, precisely on September 8.
About ten days after, Kraken exchange announced that crypto traders in the country could begin creating and verifying their accounts. One might predict that the Kraken is making a return amid the booming Japanese market. Reportedly, there are over two million active traders in the country, and Japan is considered as one of the largest crypto markets globally.