Kraken announced an important milestone in our high-growth expansion into the APAC region, with the launch of account funding and trading in Japan, according to an official blog post.
The following services are now available to Japan residents:
- Spot trading in 5 major cryptocurrencies – Bitcoin (XBT), Ethereum (ETH), Ripple (XRP), Bitcoin Cash (BCH) and Litecoin (LTC). Both crypto-crypto and JPY-crypto trading pairs will be available.
- Domestic JPY deposits and withdrawals (through SBI Sumishin Net Bank).
- Crypto deposits in Bitcoin (XBT), Ethereum (ETH), Ripple (XRP), Bitcoin Cash (BCH) and Litecoin (LTC).
As previously announced, the move is part of Kraken’s plan to reopen and expand its services in Japan. Kraken enabled clients in Japan to create and verify their accounts starting September 18, and clients who have completed the onboarding process can now fund their accounts and start trading.
In the coming months, Kraken plans to start expanding its product offering in Japan with more assets and services.
Prior to reopening, Kraken completed its registration as a Crypto Asset Exchange Service Provider under the Payment Services Act on September 8.
“We’re thrilled to once again be able to offer unparalleled client service and the most secure cryptocurrency trading to Japanese market participants,” said David Ripley, Chief Operating Officer of Kraken. “In today’s challenging economic environment, more people are turning to cryptocurrencies to hedge against volatile markets and use cryptocurrency as a store of value.”
Commenting on the resurging interest in cryptocurrencies in Japan, Takeshi Chino, CEO Payward Asia, a Japanese entity of Kraken said: “Crypto has demonstrated that it has staying power and that it continues to evolve. Investors in the space are not only drawn to price movement, but also to new investment opportunities, including the innovation currently coming out of the DeFi space.”
Kraken is the first and only global digital asset company to organically enter the market without an acquisition. The company’s strong partnership with JFSA regulators, it’s deep knowledge of the local landscape and strong ties to top banking partners puts it in a strong position to reenter the Japanese crypto market.
Japan is one of the world’s largest cryptocurrency markets, with an estimated more than two million active crypto trading accounts. But the potential for growth is even greater. Kraken is firmly committed to educating retail traders about the intrinsic value and mission of each asset listed on its exchange. This supports the company’s mission to increase adoption of cryptocurrency.