Kraken, a San Francisco-based bitcoin exchange, is pleased to announce the launch of trading between bitcoin and Japanese yen (XBT/JPY).
The new trading option coincides with the launch of domestic JPY funding which will allow clients in Japan to quickly fund their Kraken accounts with their national currency. Bitcoin-euro trading (XBT/EUR) has been available in Japan since Kraken opened in September 2013.
The launch allows Kraken to leverage its success in Europe as the reigning leader in euro trading and bring its signature exchange experience to the Japanese market. Kraken became the largest XBT/EUR exchange only 5 months after opening and has received consistent top ratings from third party reviewers due to their commitment to being reliable, secure, compliant and transparent.
"We recognized in 2011 that the exchange is the most important and fundamental part of the Bitcoin ecosystem," said Kraken CEO Jesse Powell. "This is why Kraken was founded. It was clear to us that a strong foundation can only be achieved by doing what's in the best interests of clients and the space as a whole."
Kraken is the only major exchange to offer a dedicated XBT/JPY order book. This marks an important milestone in integrating bitcoin into the global financial infrastructure, as Tokyo is one of the world's leading financial hubs. Japan now has the appropriate trading platform to support its banks, hedge funds, pension funds, and other institutions or individuals that are interested in trading bitcoin.
Kraken offers comprehensive support for Japanese speakers, with a fully translated Japanese version of the site and Japanese-speaking support agents to assist clients.
Prior to working on the launch of JPY trading, Kraken was active in Japan helping Japanese parliament member Mineyuki Fukuda and the IT Committee of the ruling Liberal Democratic Party (LDP) in establishing the Japan Authority of Digital Assets (JADA) to regulate the bitcoin industry in Japan. JADA is a self-regulating organization of bitcoin businesses but has government backing. JADA will serve as an officially sanctioned liaison between bitcoin businesses and government departments.
"Big and trustworthy exchanges are essential for the growth of bitcoin and other digital currencies in Japan," said Fukuda. "I have a great expectation for Kraken's success in Japan."
"We look forward to bringing our expertise and service to Japan," said Powell. "There is an overdue need for an exchange that puts its clients' interests first and is dedicated to building relationships based on trust."