Japan has always been welcoming to crypto and now two big crypto companies have entered the Japanese market. A big European cryptocurrency-friendly trading application, Revolut, announced on September 8, 2020, that it is expanding into the Asian country.
The London-based firm launched its digital banking app in Japan as Revolut announced in a tweet. Based on a report by The Nikkei, Japan is the first non-English speaking market that Revolut has ventured into. Operating from London, England, the company reportedly has 13 million users globally. It operates in European countries, Australia, the United States, and Singapore.
Revolut’s initial rollout in Japan will be limited to international transfers and managing money in 23 currencies. As reported, the registered users will also get a Revolut-branded Visa debit card. The company is yet to confirm whether its cryptocurrency services are part of the initial launch in Japan.
The company’s entry into Japan comes shortly after Revolut was reported to triple its losses last year; despite a considerable spike in the number of new customers. Nik Storonsky, Revolut founder and CEO, allegedly stated that aggressive global expansion was the main reason behind the firm’s huge losses in 2019.
In October 2019, Revolut outlined its incredible plans to expand into 24 new markets; including Japan, Australia, Singapore, Brazil, the United States, Canada, Russia, and New Zealand.
Today, Japan is one of the most attractive markets for cryptocurrency-related firms as Revolut enters the country alongside another major crypto firm. One of the biggest crypto exchanges, Kraken, officially announced on Sept. 8 that it is resuming its operations in Japan after it previously terminated its services in this market in April 2018.