Coinsquare to Launch its Cryptocurrency Exchange in JapanJuly 13, 2018
Coinsquare, one of the leading cryptocurrency exchanges in Canada announced its plan of opening a new crypto exchange in Japan. Its move is a step towards the company’s dream of expanding its services in Asian countries. The recent move by the Coinsquare also includes its partnership with DLTa21, a Blockchain investment bank.
After the theft incident that happened to cyberheists, the Japanese regulators also investigate most of the exchanges in the country. The Coinsquare said in a statement that their company has applied and complied with all the financial regulator to operate as an exchange platform in Japan. The company will operate in Japan under the brand DLa21X.
The company also expressed its dream of being one of the country’s finest crypto platform with Japan’s DLTa21 and the company’s team of experts in compliance, Blockchain, and trading. According to Coinsquare, their annual cryptocurrency trades hit $5 billion with over 100,000 customers. Coinsquare has raised total funding of $23.63 million, and they are targeting to have $120 million IPO later in September to finance its overseas expansion.
When it comes to cryptocurrency capital, Japan is seen as one of the top capital countries. The number of participants in the country ramped up last year and 2017 was a year of a watershed for most of the virtual assets in Japan. A recent study confirmed that almost 3.5 million investors in Japan had assets in at least one cryptocurrency.
The launch of the company’s new cryptocurrency exchange in Japan is a move of the Coinsquare to compete with other companies in launching crypto exchanges in the country. The sector of cryptocurrency has been flawed by the recent delays, hacks, and disruptions including the $530 million hack incident in January of the Coincheck.
The country watchdogs continue to challenge the crypto exchanges in Japan to prove their security credentials. This move taken by the country’s security commission is due to the widespread hacks. As a result, Japan’s Financial Services Agency started an on-site inspection and later revealed the common issues with the internal controls, and security. With regards to the recent inspection made by the FSA, some crypto exchanges are requested to exit the market as they were unable to meet the regulations.
As the world of decentralized applications continues to grow in Japan, many crypto enthusiasts look at the country’s crackdown as a sign that Japan is creating a cryptocurrency ecosystem in which it is safe and secure for all types of investment.