Yuzo Kano Seeks Wall Street Experts to Make bitFlyer Top Crypto Exchange
Plans to make bitFlyer the largest cryptocurrency exchange by Yuzo Kano
Plans are under action by Yuzo Kano to make bitFlyer the largest cryptocurrency exchange in Japan. He plans to do this through recruitment of employees from Barclays, Credit Suisse and Goldman. The expansion of the team at an international level is what Kano seeks to do to surpass the rival firms.
The team of Kano includes a former head at Barclays Plc and an ex-senior private banker at Credit Suisse. The current number of employees are over 150, which is doubled from the last year’s head count and plans to reach 300 by the end of 2018. Japan’s securities regulator gives licenses to digital currency exchanges such as bitFlyer to make them official, unlike in the United States and Britain.
Kano, who was a former derivatives and convertible bonds trader, made the following statement on the number of employees;
My target is to be number one in the world… To get there, I need to grow headcount. And those with the best skills come from global banks.
The bitFlyer crypto exchange currently ranks 4th place, while the first 3 places are held by BitMex, Binance and OKEx. There are nearly 2 billion USD worth transactions occurring everyday since mid-April 2018. This is mainly due to Bitcoin margin contracts famous with day-traders in Japan. The venue now has almost 2 million users, three times more than it had last year.
Path of bitFlyer in recruitment
Currently the offices of bitFlyer are in Tokyo, Luxemburg, Kano and San Francisco. Kano plans to expand to new territories by putting up offices in South America, Australia, Asia and Africa. He also has an idea to get in to digital payments, investor brokerage-advisory services and ICOs for startups.
According to Kano, the co-founder and CEO of bitFlyer, former bankers and traders are well suited for crypto exchanges. This is because they have expertise to work in regulated markets. Earlier in April, bitFlyer increased the anti-money laundering regulations to limit any unwanted functionality being carried out by users.
The head of Tokyo-based recruiting firm Divine Solutions Japan, Razin Ashraf mentioned the following;
Crypto companies need finance guys to fill roles across the board: business development, sales, account management, operations, and compliance just to name a few.
The finance recruiters of bitFlyer are either bankers over 40 years of age tired of corporate bureaucracy or associate employees around 20 years of age seeking for a startup in the crypto world.
The company is planning for an Initial Public Offering (IPO), but Kano did not mention a proper time period as to when it will happen. However, bitFlyer will soon have to compete against global companies such as Goldman, Intercontinental Exchange Inc. and even Japanese companies such as SBI Holdings Inc. and Monex Group Inc. who are making new implementations and large investments on cryptocurrencies.