Crypto is in high-gear in Japan: Bitcoin is big business, and the stage is set for a crypto boom, the likes we've yet to see before.
Disproportionately high buying from this tech-friendly country has greatly helped to push Bitcoin toward $20,000 over the past months, and back in October 2017, roughly 42% of the world’s Bitcoin transactions were conducted in Japanese Yen, according to the Nikkei Asian Review. A recent study now finds that the average Japanese crypto holder has approximately 3 BTC; this was found by taking the number of Bitcoin estimated to be held by Japanese investors divived by the number of holders.
Things about to accelerate even more with DMM Group set to release their new crypto trading platform DMM Bitcoin next week. This will replace their previous exchange that has been halted for some time now in anticipation of the upgraded platform.
Here's a quote from DMM on the planned dates:
DMM Bitcoin will launch a new service site for virtual currency trading on January 10th, 2018, and we plan to start accepting account opening applications January 11th, 2018.
The country currently only has a limited number of crypto exchanges that must be sanctioned by the government, therefore, opening new ones for trading will certainly help to bolster the already burgeoning Japanese markets.
Below are the 7 currencies that will be traded initially, 14 currency pairs will be offered:
The platform will operate on standard home operating systems and deposits can be made in Yen, Ether, or Bitcoin. Margin trading will be offered, and will begin at 4x leverage.
This is fantastic news for all investors in the crypto space. As with any exchange creation, traders of those currencies can likely look forward to additional trading volume.
Are you actively trading crypto in Japan?
Do you expect to see price action based on this exchange release?
Leave your answers in the comments below.
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