Latest in Crypto Fever – Yuzo Kano To Build a Global Cryptocurrency Powerhouse!

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Australian Economy, Macro Economics

While we see varied trends when one talks about something that is expected to be a revolutionary next big thing, the recent ‘Crypto Fever’ seems to be going at a higher level. We now hear that Yuzo Kano, Goldman Sachs Group Inc. alumnus, who is a well-known individual in Japan, and is responsible for the massive growth of the BitFlyer exchange in Japan, is taking one step ahead. Yuzo, is trying to build a global cryptocurrency powerhouse which will help in taking the advantage of Japan’s cryptocurrency regulation where exchanges are now licensed by the country’s securities regulator that enhances their credibility. Kano views Japan as the best place to launch a global operation, and is planning to expand his staff in order to set up the top exchange platform, and the skills he needs usually come from global banks. In fact, poaching of talent from the Wall Street is what has been highlighted under his current stint.

BitFlyer is already the fourth largest exchange behind BitMex, Binance and OKEx, with transactions averaging around $2 billion on a daily basis in late April and early May, due to bitcoin margin contracts favoured by Japan’s day traders. The exchange’s users tripled to 2 million in the past year. Masses agree with the fact that former traders and bankers with a good background of crypto can help in regulating the markets. This is becoming more important as governments learn more about crypto.

However, it is worth a look that the cryptocurrency sector is witnessing quite a sinusoidal trend, with average daily turnover at global crypto exchanges fluctuating a lot. On one hand, many reserve banks across the globe are seen to ban cryptocurrency activity, the latest being Zimbabwe, and on the other we see top notch professionals or bankers like Mr Kano, who are gung-ho about this area and operations of crypto in regulated markets. In this regard, Kano has set up various physical offices in the US and Europe and is confident that he can expand BitFlyer’s presence to Africa, Australia, Asia, and South America. The company is also stepping towards an Initial Public Offering (IPO), while the schedule is yet to be unveiled. So, as it is being observed that global companies like Goldman, Intercontinental Exchange Inc. and even Japanese companies such as SBI Holdings Inc. and Monex Group Inc are expanding and are making large investments on cryptocurrencies, so BitFlyer will have to compete with these global giants in order to be in the race.

In related news, as at May 13, 2018, the cryptocurrency market started witnessing signs of recovery with currencies like Ether riding up over 5% within a day. Bitcoin is also now expected to climb to the $9,000 mark after the latest scuffle seen in the months of April and May.

So to say, the latest news that the New York Stock Exchange and Goldman Sachs are intending to mark a cornerstone movement by entering the crypto market in 2018, along with what we see as global movements wherein experts are venturing into the space with more momentum, it is likely that the year 2018 can see more demand for bitcoin and other cryptocurrencies.


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