Japanese Bitcoin exchange bitFlyer has announced that they will be opening operations in the US by the fall of 2017, with offices based in the financial district of San Francisco. The third largest Bitcoin exchange has already secured regulatory clearance in 34 states for customers to buy and sell Bitcoin through its US entity, bitFlyer USA.
The company’s desire to reach the US is in line with the vision of its CEO, Yuzo Kano, who said:
“While bitFlyer, Inc. is headquartered in Japan, my vision was always to create a global company, and I am excited that the US will be its first step toward global expansion. Bitcoin is a global currency, and now our exchange will be global too.”
The announcement also indicated that the exchange would target institutional investors and professional traders and then move to the public sector.
Increasing mainstream accessibility
The announcement from bitFlyer follows on the heels of other large exchanges and Bitcoin companies offering new and improved ways for consumers to buy, sell and use their Bitcoin.
CryptoPay’s recent announcement of a future trading platform, as well as increasing numbers of crypto debit cards, indicate that accessibility is growing globally. BitFlyer’s business model includes such mainstream acceptance.
BitFlyer’s COO said:
“There is a concept of ‘Mrs. Watanabe’ in the Japanese forex market; she is the personification of household trading in Japan. BitFlyer aims to be the first exchange to allow US Bitcoin traders to trade with Mrs. Watanabe.”
Exchanges are not the only system proliferating. Other companies are also installing ATMs in regions where none existed previously, increasing accessibility.
The recent statement from Bitlish about 5,000 new ATMs in Europe before year end, as well as other companies adding ATMs globally, will continue to increase access.
Daniel Polotsky, CEO of CoinFlip, a Bitcoin ATM provider, stated:
“The crypto ATM is fantastic because it spurs the adoption of cryptocurrency via a familiar model (an ATM) and a familiar medium of exchange (cash). The average consumer who doesn't know much about crypto tends to love the simplicity that the ATM provides.”
As accessibility increases via exchanges, debit cards and ATMs, so does the mainstream acceptance of Bitcoin, and therefore the price.