Looks like the investors in the US are about to receive another present, except this one is arriving before the holidays!
The prominent Japanese bitcoin exchange bitFlyer which raised around $27 million last year in a Series C round last year and has about $34 million total in funding has made a big move.
The Japanese are the biggest players in the Bitcoin trading market. Now Japan’s biggest exchange is launching in the USA.
The exchange has made its debut in the United States after being in receipt of the necessary approvals from proper regulatory authorities. They were able to receive the proper approvals, first, from the New York State Department of Financials Services, who, for a while were stingy when handing out their licenses. So far, the New York State Department of Financial Services has only given out these licenses to three players (Coinbase, Circle and Ripple). They were proud to let everyone know that they were the fourth recipient of the of the rare reward, the bitlicense.
The CEO of the exchange stated
“BitFlyer is proud to have been granted a BitLicense to do business in the state of New York.. This is a nod of approval from one of the most influential state financial services regulators in the nation.”
The exchange told the world that, they would also be providing what is called as a private beta where the exchange had worked with about 2,000 initial users.
They followed through on their earlier word of becoming a global exchange, they already sent representatives to california earlier, have acquired the license to operate in 34 states, and now they have officially launched in the United States with permission to sell in, around 40 states.
The CEO of the exchange said earlier
“While bitFlyer, Inc. is headquartered in Japan, my vision was always to create a global company, and I am excited that the U.S. will be its first step toward global expansion. Bitcoin is a global currency, now our exchange will be global too.”
It is sort of amazing in how they were able to pull this off, the US regulatory environment when it comes to this space is quite tangled and murky. One could get stuck in the regulatory swamp for many years.
It is more surprising that players that were present in the U.S seeking to conduct similar operations left the space earlier this year and in the prior years due to the nature of the regulatory beast.
They are seeking to add more currencies after they have been deployed and trading for a while.
Bitflyer has been able to experience rapid growth as there is great demand for bitcoin in the asian markets. The japanese government has also embraced bitcoin providing for further growth and rapid adoption and implementation across the board. Bitcoin trading volume in the japanese currency makes up a significant amount of global trade according to Cryptocompare.
Born in Tokyo, Raised in Silicon Valley
Started in 2016, bitFlyer USA is headquartered in San Francisco, CA. We are a subsidiary of bitFlyer Inc., which operates the largest bitcoin exchange in the world.
We aim to become a leading virtual currency exchange and blockchain developer in the US, leveraging technology, insights, and security practices from our parent company.