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bitFlyer Japan’s Assets Under Custody Topples 161.8 Billion Yen in August

Per Coindesk Japan report, bitFlyer Japan’s total assets under custody which is the highest the firm has seen since 2018 was most likely fueled by the company’s integration of four additional digital currencies including Ripple (XRP), Stellar Lumen (XLM), Nem (NEM), and Basic Attention Token (BAT).

As gleaned from bitFlyer Japan announcement which was seen by Coindesk, the total physical cryptocurrencies transaction volume dropped from the 3,363 million counts recorded in July 2019 to 2,271 in July 2020. On a cash basis, the transactions from the corresponding volume this year amounts to about 604billion yen as against the 1.1 trillion yen recorded in the year-ago period.

The growth as seen in bitFlyer Japan’s asset under custody might have received a boost as a result of the outbreak of the coronavirus pandemic, a virus that plunged the world into a lockdown, thus straining banking transactions. As a means to stay liquid and to continue normal financial transactions, people around the world had to seek alternative means of conducting business transactions. Cryptocurrencies was one of the alternative payment methods widely adopted.

This stance was confirmed in a survey conducted by bitFlyer Japan, which also adduced that the bulk of new accounts opened which represents about 30% of new accounts were opened by users in the 20s.

Every business particularly those established for-profit craves to see their firm grow across all branches and outlets. The recent stride by bitFlyer Japan shows the aggressive growth momentum of bitFlyer who has expanded its business offerings into the Hawaiian markets following regulatory compromise.

While the Hawaiian expansion serves as a means to drive innovation, the firm also debuted an ‘easy-to-use’ Bitcoin (BTC) trading site in European markets. The expansion of bitFlyer which models that of the Binance details how much of a role cryptocurrency exchanges are playing in stirring massive digital currency adoption.

As Mr. Aoi Kanemitsu, who currently serves as a market analyst for bitFlyer Japan noted in the earlier referenced report, the role of the exchange in promoting cryptocurrency services has stirred the masses’ perception to see digital currencies especially bitcoins as an inflationary hedge and neither just as a means of transactions nor as just a source of investment.

While bitFlyer, Binance, and the other cryptocurrency exchanges’ leaps, other exchanges are having a fair share of their woes. While BitMEX is seeing a leadership overhaul due to charges levied on Co-Founders Arthur Hayes and Samuel Reed, KuCoin is recovering from one of the most dreadful hacks in cryptocurrency exchange’s history.  All in all, the prominence of cryptocurrency exchanges and cryptocurrencies are higher in 2020 despite the pandemic than a year ago.

bitFlyer Japan’s Assets Under Custody Topples 161.8 Billion Yen in August

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