Cryptocurrency Exchanges Are Expanding Into Foreign Markets

By | July 13, 2018

Cryptocurrency Exchanges Are Expanding Into Foreign Markets

As cryptocurrency investment gains popularity, many exchanges are looking into expanding their operations. In fact, this week, two of the world’s largest announced plans to branch out.

Announced July 10, Canada’s Coinsquare has partnered with blockchain investment bank DLTa21 to launch a Japanese crypto exchange market. The new platform will be dubbed DLTa21X and is intended to give Japanese customers a new and inventive way to safely and securely trade approved digital currencies while adhering to Japanese regulations.

Coinsquare CEO Cole Diamond declared:

“I’m excited for this monumental step in Coinsquare’s history. Working with a world-leading investment firm like DLTA 21 to bring a safe, secure, easy digital currency buying and trading experience to Japan is a thrilling next step in Coinsquare’s mission. Japan is a unique market and we’re looking forward to offering our platform’s capabilities to the Japanese market.”

The crypto industry in Japan is becoming so inviting, it even attracted the wildly popular Coinbase.

In June, the San Francisco-based exchange Coinbase revealed its plans for a Japanese expansion. According to the vice president of Coinbase, Dan Romero, the expansion is intended to “accelerate the global adoption of cryptocurrency.”

The company’s website states that Coinbase has operations in 33 different countries, although Singapore is the only place in Asia in which its services are offered.

In contrast, CEO Oki Matsumoto of Monex, which manages the Japanese exchange Coincheck, said in May that he was considering extending services to American customers, based on legal discussions about cryptocurrency regulation in the US. At the time, he was optimistic that US lawmakers would soon provide “meaningful guidance that will foster an environment of regulatory clarity.”

And just today, Jason Lau, the vice president of business development for China’s OKCoin, tweeted that the exchange had landed stateside:

OKCoin’s US platform will accept deposits and withdrawals in US dollars, and support trading in bitcoin, bitcoin cash, Litecoin, Ether, and Ethereum Classic. However, it is currently providing services to California residents only. The company is planning to reach other US states in the near future.

All these expansions could point to a future in which cryptocurrency exchanges become as prevalent as traditional banks, and will surely impact how crypto will be treated and defined worldwide. 

Nathan Graham is a full-time staff writer for ETHNews. He lives in Sparks, Nevada, with his wife, Beth, and dog, Kyia. Nathan has a passion for new technology, grant writing, and short stories. He spends his time rafting the American River, playing video games, and writing.

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Published at Fri, 13 Jul 2018 18:53:54 -0400