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Kraken has quickly become an experimental crypto-currency trading engine with Lorem Ipsum text on its homepage to a major hub for bitcoin and altcoin trading in a little over a year.
And they’re just about ready to continue their massive growth.
A Monday morning report from The Wall Street Journal indicates that Kraken is planning an expansion into Japan by the end of this month in a move that hopes to provide Japanese investors with a secure, trusted, and stable trading platform.
According to Kraken chief executive officer Jesse Powell, there’s an “overdue need for an exchange” in the country.
The news comes months following the disastrous collapse of Mt. Gox, in which hundreds of millions of dollars belonging to investors seemingly vanished out of thin air.
To this day, the community is still unsure of exactly what took place at Mt. Gox, which was the first and oldest bitcoin exchange available to the community.
But Powell assures that his company won’t be making the same mistakes that Mt. Gox’s upper management made.
“Our experience and proven track record of competence, security, compliance and technological robustness would be great reasons to use Kraken,” he told The Wall Street Journal.
Kraken may even look into purchasing the client database belonging to Mt. Gox down the line.
With banking partnerships secured (albeit with some difficultly, according to Powell), things are looking just about ready to go. But can they make an impression on the Japanese public?
Since the collapse of Mt. Gox, a number of bitcoin exchanges has sprouted looking to fill in the void. None, however, have been able to reach a level of popularity once enjoyed by Mt. Gox, and Kraken’s hoping to change that.
