Data from Coinmarketcap.com shows that BitFlyer is the world’s 14th largest exchange based on volume, with more than $294 million trading in the last 24 hours at the time of writing. Bitcoin is the dominant choice for BitFlyer users, having accounted for $287 million of that 24-hour trading. That’s around the same amount traded on Coinbase.
Unlike some exchanges which offer a gamut of altcoins, BitFlyer has stuck to mainstream crypto by offering its users the chance to buy Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic and popular Japanese option Monacoin. Initially, it plans to stick to Bitcoin in Europe — which it will trade with Euros — but the company said it intends to offer “other virtual currencies such as Litecoin, Ethereum, Ethereum Classic and Bitcoin Cash later in the year.”
The exchange’s European presence will be anchored in Luxembourg, which is where it was granted its payment license.
Japan is one of the world’s crypto trading hubs, alongside Korea and of course the U.S., but those in the industry say Europe has potential to grow significantly. Binance CEO Zhao Changpeng told TechCrunch in a recent interview that Italy, France, Germany, the UK and Turkey are among his exchange’s fastest rising markets. BitFlyer will hope its early landing can give it an important advantage over the competition that will doubtless follow its path to Europe.
Disclosure: The author owns small amounts of cryptocurrency.