- Binance’s Japanese arm plans to nearly triple the number of cryptocurrency tokens listed on its platform.
- A Japanese cryptocurrency exchange has announced that it will soon offer 100 cryptocurrency assets for trading.
- The exchange plans to cooperate with local exchanges and market makers to secure liquidity.
- Binance Japan also plans to register a company to broker fiat-backed stablecoin transactions.
Binance Japan is reportedly planning to triple the number of cryptocurrency assets available on its trading platform. The Japanese branch of the world’s largest cryptocurrency exchange plans to soon increase the number of cryptocurrency tokens listed on its platform from 34 to 100. This announcement comes less than a month after the cryptocurrency exchange began operating in Japan.
Binance Japan partners with local exchanges for liquidity
In a business briefing this morning, Binance Japan announced that it will soon offer 100 cryptocurrency assets to its users. According to a report from Bloomberg, the Japanese cryptocurrency exchange will select a new cryptocurrency token from over 350 potential cryptocurrency projects. The exchange is also looking for Japanese cryptocurrency tokens to support its newly launched platform.
Tsuyoshi Jino, general manager of Binance Japan, told Bloomberg that the company is actively participating in the project, which will be “the first project to be processed in Japan.” Chino added that his exchange needs to have liquidity to offer additional cryptocurrency assets. This will reportedly require cooperation with local cryptocurrency exchanges and market makers.
Chino said he is optimistic about the current regulatory environment for cryptocurrency assets in Japan. According to him, Prime Minister Fumio Kishida’s web3 inclusive growth strategy and the new Internet concept utilizing blockchain technology were positive indicators for the future of cryptocurrency in the country.
“It is clear that we want to create a predictable situation with appropriate regulations in place and allow companies to do business there,” he said.
Tsuyoshi Chino, General Manager at Binance Japan
Binance’s Japanese unit plans to register a company to provide brokerage services for fiat-backed stablecoin transactions. The cryptocurrency exchange began offering 34 tokens for spot trading earlier this month. This comes seven months after the cryptocurrency giant acquired Sakura Exchange Bitcoin (SEBC), a cryptocurrency exchange service provider registered in Japan.