Wiping the Japanese Bitcoin Exchange off Mt. Gox

Not so long ago, what was once the largest bitcoin exchange in the world, Mt. Gox, suffered hacking attacks that resulted in the loss of multiple bitcoins and customer funds. Its CEO, Mark Karpeles, is still under investigation for allegedly tampering with accounts to put money in his own pocket.

With that, the Japanese Bitcoin exchange industry was permeated by negative vibrations until bitFlyer appeared. bitFlyer was created by Yuzo Kano, a derivatives and convertible bond trader at Goldman Sachs Group Inc., to recapture the market lost to Mt. Gox and hopefully restore confidence in the cryptocurrency network.

bitFlyer Bitcoin exchange plans

Kano knew from the start that Bitcoin’s reputation in Japan had to change. Because of this, he created a brand that was playful, fun, and honest – a strategy that has enabled bitFlyer to stay on top even with stiff competition from existing Bitcoin exchange companies such as BitOcean, Kraken, and ANX.

The company started with $ 1.6 million in funding, which happened to be the country’s largest investment in Bitcoin to date, and then launched a crowdfunding project called fundFlyer. This project aimed to create more mainstream awareness of Bitcoin in Japan by providing a platform for startups or entrepreneurs to raise funds by accepting Bitcoin donations.

In September last year, bitFlyer teamed up with GMO Payment Gateway and is thus able to offer 48,000 online merchants the opportunity to accept Bitcoin. As a result, the Bitcoin exchange established itself as the leading force in Japan’s rebounding cryptocurrency ecosystem.

Last October, the bitcoin exchange raised $ 236,000 from Barry Silberts’ New York-based Bitcoin Opportunity Corp. and named Singapore as the next expansion target. Then in January, she raised another $ 1.1 million to improve her Bitcoin platform.

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