Kraken to Debut Japan Bitcoin Exchange in October

Digital currency trading platform Kraken plans to launch exchange in Japan in October, according to the Wall Street Journal’s Japan Realtime blog yesterday.

Kraken will be the latest cryptocurrency platform to start operations in Japan since popular Tokyo-based MtGox shut down.

The Japanese exchange’s downfall started as a result of poor security and repeated cyberattacks that had raided customer and company accounts.

Kraken’s CEO Jesse Powell indicated to the WSJ that Kraken would provide a more secure service than MtGox. “Our experience and proven track record of competence, security, compliance and technological robustness would be great reasons to use Kraken.”

Powell said that traders would have the opportunity to deposit cash in a local Yen bank accounts.

Kraken is run by San Francisco-based Payward Inc., which closed a $5 million investment round in March 2014 funded by Hummingbird Ventures, Trace Meyer, and SecondMarket’s Barry Silbert.

The bitcoin exchange recently received seed funding from Silbert’s Bitcoin Opportunity Fund.