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Major 7-coin cryptocurrency exchange, DMM Bitcoin, launched in Japan

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Another exchange on the block.

Six months after Japan licensed the first 11 cryptocurrency exchanges to operate in the country, another one has joined the crowd: DMM Bitcoin.

This comes alongside the news of Japan's largest bank, MUFG, taking its own big strides towards cryptocurrency.

The new exchange, DMM Bitcoin, was built on the back of one of the only cryptocurrency farming operations in Japan and now offers trading across seven cryptocurrencies plus the yen.

The following cryptocurrencies are currently on offer:

All are tradeable against the yen, and bitcoin is running a promotional offer to deposit 1,000 yen into trading accounts until 31 March.

The site itself seems to be largely geared towards new cryptocurrency buyers and might bring a new influx of money, especially from people taking advantage of the free signup bonus. Analysts from Nomura have suggested that bitcoin alone might be adding 3% to Japan's GDP.

The timing might be fortuitous, with speculation that the current market slump is partly attributable to rumours of a renewed cryptocurrency crackdown in China. Historically, these kinds of rumours have been followed by traders moving their business offshore to neighbouring countries.

South Korean exchanges have a reputation for trading well above market rates, so Japan might also be near the top of the list.

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DMM is aiming for the newcomers. From left to right, many currency types, easy to use, low fees and 24/7 customer support.

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade. Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

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Picture: DMM Bitcoin

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