Japanese Exchange BitFlyer Adds Monero, ZCash, Dash
The leading Japanese exchange BitFlyer showed that the Japanese market has an appetite for much more than Bitcoin. Japanese investors continue to boost trading as a sluggish economy pushes them to seek growth in the cryptocurrency markets.
The leading Japanese exchange BitFlyer would be adding a few "stars" of the cryptocurrency world, including Monero, ZCash and Dash, at least according to a Reddit thread dedicated to Monero.
There is no official confirmation from the exchange, but listings are never confirmed before they are official. The market price of Monero and ZCash has shown no reaction, although the leaking of inside information for a listing on the Korean exchange BitHumb made the prices of both crypocurrencies jump rapidly in the last 24 hours.
There is no wonder that Japan may soon move on to adopt altcoins, especially high-profile ones like Monero and ZCash. Dash has already made its forays in the Japanese market.
The director of BitFlyer, Yuzo Kano, explained some of the reasons behind the boom in Japanese interest.
"Japanese people tend to be very conservative with their investments, but once they get triggered, they go all in," said BitFlyer's founder.
One of the reasons behind the mania may be the personification of the "housewife trader", Mrs Watanabe. Mainstream pensioners are buying Bitcoin to supplement state pensions.
"After I first heard about the bitcoin scheme, I was so excited I couldn’t sleep. It’s like buying a dream,” said Mutsuko Higo, a 55-year-old Japanese social insurance and labor consultant.
Mrs Higo boughtaround 200,000 yen ($1800) worth of bitcoin in March, reported Reuters. The sum, around BTC 3.5, would be worth nearly $20,000 now.
Japan and Southeast Asia have a rich culture of retail investment and swapping advices, so it is no wonder cryptocurrencies would be gaining mainstream attention.
And since BitFlyer offers a hassle-free purchase with a credit card, it is no wonder that Japanese investors may be looking for a rapidly-appreciating asset while coming out from more than a decade of sluggish economic growth. BitFlyer allows for a daily purchase between $8 and $800, a rather limited amount compared to Bitcoin, but it may still get more cash into Bitcoin as Chinese trading and buying dwindled.
BitFlyer has official plans to expand to the US market in the fall of 2017. But it is uncertain how BitFlyer would deal with the regulatory climate, which made Bitfinex withdraw its business from the US due to expensive registration requirements.