The Tokyo-based digital currency exchange, BitFlyer has recently revealed its decision to include a new set of cryptocurrencies on its platform across Europe and the United States.
BitFlyer keeps a low profile as compared to other cryptocurrency exchange platforms for example Binance, a household name in the crypto sphere in Japan. It is widely known for being a licensed and one of the longest and oldest standing digital currency exchanges in a country that is stringent when it comes to regulations.
The platform extended its reach beyond the borders and to the international markets back in November 2017, when it launched its American subsidiary. Their U.S. office headquartered in San Francisco allows traders in the country to purchase and sell Bitcoin in 46 states and territories including New York under a BitLicense. BitFlyer obtained BitLicense from the New York Department of Financial Services (NYDFS) in order to offer pan-American service to its wide clientele.
Soon after the launch of its American subsidiary, the exchange looked towards Europe and launched another subsidiary, BitFlyer EUROPE S.A., in January 2018. The exchange’s Europe office located in Luxembourg offers its services to traders who want to buy or sell digital assets in the region.
According to a press release from the exchange, BitFlyer has decided to add five new altcoins to their Buy/Sell platform for the U.S. and Europe subsidiaries, which are: Bitcoin Cash (BCH), Ethereum Classic (ETC), Litecoin (LTC), Lisk (LSK) and Monacoin (MONA). The post revealed that all of the new additions would be available on an immediate basis to the platform’s European customers.
On the other hand, there’s a slight catch for the American users. Per the report, customers in the U.S. would be enjoying access to only three of the five new additions ETC (Ethereum Classic), LTC (Litecoin), and BCH (Bitcoin Cash). BitFlyer did not specify any specific reason for the limited addition of digital assets on its U.S. subsidiary but it’s highly likely due to regulatory issues. The exchange is very particular about standards and regulations, as it believes that they are fundamental to the future of the industry.
However, it is vital to note that this is a huge step up from what the exchange was initially offering its foreign user base. Customer’s options were limited to only two choices in the form of ETH and BTC on the BitFlyer Buy/Sell platform, whereas now they will have the luxury of choosing from a comparatively bigger pool of digital assets. BitFlyer users of both nations can have access to these new altcoin additions beginning today.
By adding new altcoins, we are expanding bitFlyer’s Buy/Sell offer significantly, giving our customers instant access to some of the largest and most exciting altcoins in the world.
Said Andy Bryant, Co-head and COO, BitFlyer Europe. The new line of digital assets on both the subsidiaries of the BitFlyer was already available to the platform’s local Japanese customers and with the recent announcement, they are now consolidating their offering across regions thus building a global platform for traders across the globe. He further added:
By leveraging our experience in Japan, we can offer our European and US customers the same level of speed, simplicity and transparency as we already do for those trading Bitcoin and Ethereum
Only recently, BitFlyer was recognized as a ‘Real-10’ exchange by a Bitwise report sent to the U.S. Securities and Exchange Commission, which claimed that about only five percent of cryptocurrency exchanges in the market display real trading volumes. Looking at the platform’s track record, it is safe to assume that they will perform well with the new additions, all the while maintaining authenticity.
Other Crypto Platforms Adding More Digital Assets
BitFlyer isn’t the only exchange that is expanding its digital asset offering, as BlockPublisher reported earlier the United States-based cryptocurrency exchange and wallet provider, Coinbase also announced that it’s looking into listing more options for its platform and 17 digital assets are on the table.
However Coinbase’s line up of digital assets differs significantly from BitFlyer’s, as the former is considering some of the lesser-known assets that include Avalanche, Celo, Chia, Coda, Dfinity, Filecoin, Handshake, Kadena, Mobilecoin, NEAR, Nervos, Oasis, Orchid, Polkadot, Solana, Spacemesh, and lastly Telegram.