One of the biggest untapped markets for Bitcoin is the country of Japan. That should come as no surprise, as Japan is not hostile towards Bitcoin, but due to the cultural differences, citizens are very wary of new technologies that are not controlled by the government or central authorities. But that might be changing soon, thanks to the efforts made by Quoine.
Quoine – More Than Just a Bitcoin Exchange
Most of our readers will know the name Quoine from the exchange offering, as the company claims to be the largest Bitcoin exchange servicing Japanese customers. That is not all that Quoine offers their customers though, as the company is also known for their ventures into the world of forex trading.
Even though Quoine claims to be the largest Bitcoin exchange to operate in the Japanese Yen market, their daily volume only sits between 500 and 1,000 BTC per day. Comparing that to other parts of the world, such as the US, Europe or China, and you can see why Bitcoin has not broken any grounds in Japan just yet.
That being said, Quoine’s trading volume has been growing steadily in recent months, with notable peaks during holidays and special days. But the Japanese Yen is not the only currency to be traded against Bitcoin on the platform, as there are ten different fiat currencies supported at this time. This feature has only been added recently, giving users the chance to speculate on the Bitcoin price versus other fiat currency markets.
On top of that Quoine offers some other interesting trading options as well, such as 25x margin trading with both Bitcoin and fiat collateral. But there is also algorithmic trading, the option to dabble in Japanese yen features, API access and interest-earning Bitcoin lending. All in all, plenty of features to cater to a large crowd. But that is not all, as Quoine recently partnered with the Econtext payment network.
Bringing Bitcoin to Japanese Retailers
In order to give Bitcoin acceptance and awareness in Japan a major boost, the deal between Quoine and Econtext will allow a total of 20,000 merchants to accept BTC payments in the near future. What is of particular interest about this partnership is that these merchants can accept Bitcoin both online, and in-store, for goods and services.
Econtext is one of more commonly used merchant services throughout Japan, making this partnership a huge deal for Bitcoin and Quoine. Furthermore, merchants will no longer need to use a third-party Bitcoin payment processor, as Econtext and Quoine will take care of the technical aspect.
It has to be said, however, this deal between Quoine and Econtext has been in the making for quite some time. The original talks between both parties started out in 2014, with both parties only recently reaching an agreement. So far, Econtext has been actively convincing merchants to sign up for the Bitcoin payments program, and more are being pursued.
Images courtesy of Quoine, Econtext and Shutterstock