BitFlyer, a Japanese digital coin and cryptocurrency exchange, has just entered the European market, having acquired a payment license to operate throughout the EU. According to BitFlyer, this makes it the only licensed exchange to provide cross-border Bitcoin trading between Japan and Europe.
BitFlyer is ranked 14th out of the exchanges, based on volume, according to information shared by Coinmarketcap.com. It handled almost $300 million in trading yesterday, putting it very close to what Coinbase experiences.
Whereas many exchanges offer a variety of altcoins, BitFlyer has chosen to focus on the more popular digital currencies. These include Bitcoin Cash, Bitcoin, Ethereum Classic, and the most popular coin in Japan, the Monocoin. The company plans to only offer Bitcoin in Europe, initially, which it will trade with Euros. However, the company does plan to eventually offer other choices later in the year. These will most likely include Bitcoin Cash, Litecoin, Ethereum and Ethereum Classic.
The exchange’s European physical location will be in Luxembourg, where it was given its payment license.
Japan ranks in the world’s top digital currency trading hubs. Other countries at the top of the list are Korea and the United States. However, many experts in the industry believe that Europe will most likely be seeing large growth in this market as well.
In a recent interview, Zhao Changpeng, the CEO of Binance, stated that Germany, France, Italy, the UK and Turkey are among his company’s fastest growing markets. Because of Europe’s potential for more growth in this market, Bitflyer hopes that establishing its presence there now will help in jumping ahead of the competition.
This decision has been made, despite the current discussion over Europe’s plans to place more intense regulations on Bitcoin and other digital currencies. Bitflyer says it is not at all worried about these new upcoming regulations and does not believe it will hamper business.