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bitFlyer Inc., the Japanese digital asset exchange is likely to expand its footprints in the U.S. crypto market. The company is seeking to double its target for the proportion of revenue it makes overseas.
- The company is looking forward to increasing its sales to 20% more
- The sale increased to 41% last year to 7.6 yen
The increasing interest of institutional investors in cryptocurrency is prompting bitFlyer Inc. the Japanese digital asset exchange to expand in the U.S.
The exchange is looking for expansion and seeks to double its target for the proportion of revenue it makes overseas.
Kuniyoshi Hayashi, a former deputy president at Citigroup Inc.’s Japanese brokerage unit who joined the firm in March in an interview with Bloomberg has said that there is a transformation evident in the U.S. market and this is the right time to try our luck in the U.S.
The Japanese exchange is seven years old. It is looking forward to increasing its sales to 20% more of its total revenue in the coming two years. The sale of the exchange increased to 41% last year to 7.6 yen, as per the exchange’s website.
The firm first established its footprints in 2017 in the U.S., the sales and trading team have been developed to add new clients to the firm. The new division will be headed by Takaaki Kato, former head of equity markets within Citigroup Global Markets, Japan. He has joined bitFlyer recently.
The company is on a hiring spree and plans to add at least 20 more people. Applications are open for engineers, legal experts. The hiring will be completed by the end of the year, said Hayashi.
New developments
Developments in the U.S. Markets seem to be a potential for the bitFlyer. The derivatives market and new investment products will make it easier for bitFlyer to access digital assets. The Wall Street banks are also taking all efforts to allow their customers to trade them.
However, in Japan, this is not the case. The institutional investors are not very experimentative. They are far behind compared to the U.S. This could be the reason for the non-governmental support, which prevents them from taking a step further. Few firms in Japan provide custodial services necessary for crypto assets, informs Masamichi Matsushima, the analyst at Monex Inc.’s crypto asset.
Appeal to U.S. traders
Hayashi believes that the traders in the U.S. if trade with bitFlyer, will add more value to the company. But there is a hitch since the company is not old enough for the U.S. market. Where the U.S. banking titans have more resources and larger customer bases, bitFlyer is just new to the ecosystem and can only request to the U.S. investors as a reliable exchange to use during Asian trading hours.
Hayashi said that the cash and crypto assets with bitFlyer’s clients’ accounts can grow over 1 trillion yen by the end of 2021 from 537.2 billion yen in March.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
