Japan based world’s biggest bitcoin exchange Bitflyer is now coming to US and obtained the license to operate in 41 states of US including New York.
World’s biggest bitcoin exchange by volume announced on Tuesday that it has obtained Bitlicense, the license was granted by New York’s financial services department. Bitcoin trading volume in Japanese yen regularly accounts for 60 percent or more of global trading volume in the digital currency, according to CryptoCompare. BitFlyer has nearly 80 percent of that bitcoin-yen trading volume, the site shows. In contrast to some governments’ more heavy-handed approach, the Japanese government has recognized bitcoin as a legal form of payment and licensed several exchanges.
BitFlyer is looking forward to give tough competition to existing rivals like coinbase by giving some really good trading conditions to the clients, according to BitFlyer they are looking forward to give zero% trading fee condition to US client till end of this year, currently they are offering BTC/USD only to trade but they are looking forward to expand their product offerings by the start of next year.
Founded in 2014, bitFlyer has raised a total of $36M in venture funding.
At launch bitFlyer’s U.S exchange will only support bitcoin/USD pairs, but “plans to expand its cryptocurrencies to include altcoins such as Litecoin, Ethereum, Ethereum Classic, Bitcoin Cash and more”.
Right now the exchange only supports deposit and withdraw via bitcoin and USD wire transfer, which means early users will likely be institutional or high net worth investors. Eventually the exchange wants to add additional forms of fund inflow and outflow like ACH transfer, making it easier for the average consumer to deposit or withdraw cash.
Like most exchanges bitFlyer will have tiered verification levels. The first level asks for personal information like your name and address and email and cell phone verification, and in return you can deposit and withdraw up to $2,000 in bitcoin per day and trade up to $3,000 in bitcoin per day. The second tier asks for additional information like bank account verification and proof of identity via photo ID, and allows users to deposit and withdraw up to $50,000 in bitcoin per day and trade an unlimited amount of the cryptocurrency.
Is Toronto Next to Accept Bitcoin for Property Taxes?
Toronto is the biggest city of Canada with a population of more than 6 million. It’s also one of the leading global financial centers which makes it an attractive place for investors.
Bitcoin has emerged as the leading cryptocurrency in the world and attracted a lot of attention from financial investors. There are many crypto exchanges and investors in Toronto, which makes it an important destination for crypto startups and investors.
Recently, there has been a surge in usage of Bitcoin in the Real Estate world as lot of companies around the world are now accepting Bitcoin for buying and selling of properties. In April 2019, Innisfil, A town located in Ontario, at a distance of about 1 hour drive from Toronto, announced that they will accept Bitcoin for property taxes at the municipal level. In July this year, Richmond Hill announced that they are ready to accept Bitcoin as a payment method for property taxes.
Evan Kuhn, Co-Founder of a Toronto based crypto exchange Coinberry believes that integration of Bitcoin as a payment method for property taxes in Toronto can reduce cost, not only for tax payers, but for municipalities as well. Kuhn mentioned
“It doesn’t cost homeowners to use the service, and it costs the municipalities far less in processing fees”
“A credit card company charges a 3% fee,” he said. “Our fee is .5%, so that’s a lot more beneficial for the municipalities.”
He further explained the entire process to make it simple for the users and for the authorities. “When a resident makes a payment through our exchange, the company immediately converts the Bitcoin into Canadian Dollars and pays the relevant authority, so in basic concept this entire process works like a credit card system but with lower fee for both parties”
Morning Crypto Roundup
- Crypto market entered into a consolidation phase, with market cap at around $265 billion, market is currently trading in a range
- Bitcoin stays above $10,000
- Gray scale reported in a recent report that there are 7.1 million active Bitcoin users worldwide with more than 32 million Bitcoin wallets.
- After Innisfil and Richmond Hills, is Toronto next to explore an opportunity to pay property taxes through Bitcoin?
- According to a report from CryptoCompare.com, Untrusted crypto exchanges are dominating the crypto volume with more than 2/3 share