Cryptocurrency exchange bitFlyer announced this Wednesday that it has launched cross-border trading on its platform, providing its users in Europe with access to Japan’s bitcoin markets from its European-regulated platform.
According to bitFlyer’s statement today, the crypto exchange is the first to be licensed to operate in Japan, the European Union and the United States, as well as the first to facilitate cross-border access to Japan’s BTC Liquidity .
Users trading BTC/JPY via bitFlyer Europe will still fall under European privacy policies and their rights will remain the same. In the long-term, the exchange aims to have all spot trading pairs available across all regions, including BTC/JPY accessible in the United States, BTC/USD in Europe and Japan, and BTC/EUR in Japan and the United States.
bitFlyer Europe COO Andy Bryant
Source: LinkedIn
Commenting on the announcement, Andy Bryant, COO of bitFlyer Europe, said in the statement: “The launch of bitFlyer’s cross-border trading is revolutionary for the cryptocurrency industry and a huge milestone for us. Before now, it’s been virtually impossible for traders with Euros to participate in the BTC/JPY trading pair without going through multiple extra steps and/or sign up processes, bringing unwanted inconvenience and delays.
“bitFlyer is quite simply giving more of its users an unprecedented opportunity to trade in one of the largest and most liquid markets in the world. Those more experienced and successful traders will know just how important it is to seek the most liquid markets, and we’re confident with this launch we can offer a better experience for them and all our users”.
Some of the benefits of cross-border trading include increased liquidity, which allows for faster execution of trades. This, in turn, can reduce the risk of slippage and spread between buy and sell prices.
Japan is home to one of the largest bitcoin markets in the world. According to Bitcoin Japanese, the country has approximately 20 per cent of global BTC to fiat trading volume being traded against the JPY.
bitFlyer Aims to Create a Global Crypto Trading Platform
“bitFlyer’s objective has always been to create a truly global cryptocurrency trading platform that allows users to benefit from the scale, depth and liquidity of one, single marketplace,” added Yuzo Kano, Founder of bitFlyer group and Chairman of bitFlyer Europe in the statement.
“Liquidity is a constant challenge for cryptocurrency markets and is essential to ensure the future growth and sustainability of BTC and the cryptocurrency industry as a whole. Today’s announcement is a huge step forward in that regard.”
