Kraken, a reputable Bitcoin exchange launched trading in Japan at the end of October. With the collapse of Mt. Gox, setting up a reputable and publicly trusted exchange in Japan is no easy task. Kraken has a great record of high transaction volumes as well as reputation for compliance with the law. Even though Kraken boasts credentials, months of work went into launching a regulated and publicly accepted Bitcoin exchange in Japan.
Kraken is the only Japan Bitcoin exchange that allows local funding options.I got a chance to interview Kraken CEO Jesse Powell about the Japanese launch and what it means for the company. Kraken has also recently announced that Euro wire transfer withdrawals are no longer available outside of your verified country of residence.
How does the launch of XBT/JPY markets change how Bitcoin trading is currently done in Japan?
“As far as I’m aware, there is no other exchange serving the Japanese market with local funding options. There are some OTC, direct sale services but I believe Kraken is the first full exchange since Mt. Gox. We hope to give more active, larger traders and Bitcoin businesses an exchange with greater transparency, liquidity, lower fees and faster funding. Obviously, the cheaper and faster it is to exchange Bitcoin, the more reason there is to use it, and the faster adoption will grow in Japan.”
What does this launch mean for Kraken?
“It’s our first real localization. We’ve translated the enormous body of content on the site and we’ve hired Japanese speaking support staff. The Japanese market is small but we hope that it will become a larger part of our business over time and we hope to provide the liquidity needed by businesses and users of Bitcoin in order for it to grow. We’ll take what we’ve learned from Japan with us as we localize for other parts of the world and continue to expand our footprint.”
What went into the preparation for the launch of the new XBT/JPY market?
“About eight months of work. Getting a bank account is about the hardest thing in the world. We’ve been working with Japanese politicians; regulators, banks and the community to try to best meet the needs of everyone. It’s been a tremendous amount of work. We’ve essentially had to replicate the business we have in Europe, and everything we’ve done for that had to be done for Japan, and in Japanese.”
With the wake of Mt. Gox, it has been very hard to establish a new, and reputable exchange in Japan. Kraken’s launch gives the Japanese market a great option for their Bitcoin trading needs. As Mr.Powell stated above, it takes a great deal of work to establish a reputable, compliance following exchange in Japan.
What do you think about the Kraken launch in Japan? Comment below!
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