Kraken looking to expand to Japan. CEO Powell: "Compared to Japan, the United States is in the Dark Ages"

Bloomberg Businessweek reports that Kraken, led by founder and CEO Jesse Powell, is looking to expand to Japan and fill the void left by failed Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term exchange MtGox.

Kraken is one of several competing players looking to gobble up Japan's market share. Last month, Atlas ATS and BitOcean partnered to launch a new Japan-based exchange service. A former Goldman trader is looking to do the same, and reportedly received $1.6 million in funding.

This wouldn't be Powell's first stint operating a bitcoin exchange in Japan. He flew to Japan to help MtGox after it experienced a hacking 3 years ago, practically running the company's operations while Mark Karpeles focused on reviving the service. He said:

“It was clear after that hack at Mt. Gox Mt. Gox Mt. Gox is the name of a Japan-based cryptocurrency exchange that was infamously hacked for 850,000 BTC worth roughly $450 million at the time in February of 2014. During July 2010 Mt. Gox formally launched Mt. Gox launched its exchange and price quoting service. It was subsequently sold to French developer Mark Karpelès in early 2011.Prior to its hacking, Mt. Gox suffered from other security vulnerabilities as early as June 2011. On 19 June, 2011, a security breach of the exchange caused the no Mt. Gox is the name of a Japan-based cryptocurrency exchange that was infamously hacked for 850,000 BTC worth roughly $450 million at the time in February of 2014. During July 2010 Mt. Gox formally launched Mt. Gox launched its exchange and price quoting service. It was subsequently sold to French developer Mark Karpelès in early 2011.Prior to its hacking, Mt. Gox suffered from other security vulnerabilities as early as June 2011. On 19 June, 2011, a security breach of the exchange caused the no Read this Term, when they were down for like a week, that the exchange is really the most critical piece of the ecosystem. I wanted there to be another one to take its place, if Mt. Gox failed.”

A month after the trip, he founded a competitor- Kraken. Its customer base surged by 50% during the two months following the final MtGox collapse. Kraken dominates euro-denominated trading.

Powell has already got a foot in the door in Japan, being one of the founding members of Japan Authority of Digital Asset, along with CoinPass and BitFlyer.

During a visit in May to gather support amongst local politicians, he poses for a photo with Liberal Democratic Party parliamentarian Mineyuki Fukuda. Said Powell:

“I was really surprised how open-minded Japanese politicians are. Compared to Japan, the United States is in the Dark Ages.”

In the US, new FinCEN regulations have confined Kraken's activities to South Carolina, Montana, Alabama, New Mexico and Massachusetts.