Zaif, the Japanese cryptocurrency exchange operated by Tech Bureau, has set a spectacular 24-hour record in bitcoin trading volume with 45 000 bitcoins, worth almost JPY 2.1 billion ($19.3 million).
The JPY-denominated value, according to Tech Bureau, accounts for 64.7% of the Japanese bitcoin market and has turned Zaif into the largest cryptocurrency exchange in the country.
On the previous day, April 6, Zaif reported another record turnover of 33 000 bitcoins worth JPY 1.5 billion ($13.8 million) and became the first bitcoin exchange in Japan to pass the JPY 1 billion milestone in daily trading turnover.
According to the ratings of the website www.jpbitcoin.com, which monitors the activities on the Japanese bitcoin market, on April 8 Zaif is again at the top position with a turnover of 18966.1 bitcoins, followed by the Japanese exchanges bitFlyer, BtcBox and coincheck. The largest US bitcoin exchange, Kraken, whose operator Payward, recently signed a memorandum for partnership with the Japanese forex broker Money Partners Group (TYO:8732), ranks seventh.
In March Zaif reported another record turnover JPY 850 million and is obviously continuing its upward trend.
The exchange was established in 2014 is the longest existing Japanese bitcoin exchange. Besides bitcoin, on it is also traded another Japanese cryptocurrency – MonaCoin. According to the press release, Zaif will start offering new bitcoin services shortly.
Japan is standing among the leaders in the adoption of the cryptocurrencies as “legal” currencies with the first steps, undertaken by the country’s government to legalize and regulate their use. In the meantime the bitcoin exchanges are proliferating and some companies in the country, such as the online entertainment and shopping platform DMM.com, have started accepting bitcoin as legal payment.