After Coinbase lists AVAX on the platform, Avalanche blockchain enters the Japanese market. AVAX can now be traded on desktop computers and mobile devices throughout the region. The Avalanche blockchain’s native token can be used for minting non-fungible tokens, playing games in the Web3 sphere, funding DeFi applications, and safeguarding the network, among many others.
In the past few years, the Japanese cryptocurrency market has expanded. Volatility remains a significant factor, raising a pertinent concern regarding the future. Recent trends, however, indicate that the adoption is proceeding with a green signal. According to a report issued by Chainalysis in October 2022, the growth of the Japanese cryptocurrency market in terms of trading volume has doubled from July 2020 – June 2021 to July 2021 – June 2022.
Japan is undoubtedly a crucial market region in Asia. AVAX is now live on Coinbase Japan. position in Japan will allow it to access further Asian markets, therefore growing its presence in the future.
Avalanche hosts a large number of validators on the network to aid in ecosystem security. Avalanche, renowned for its speed in terms of time-to-finality, also proves to be a worthy competitor in terms of environmental friendliness and cost-effectiveness.
Coinbase entered Japan in August 2021, at a time when trade volume was expanding at a rapid pace.
Coinbase, originally founded in 2012, lists over 3,000 cryptocurrencies listed on the platform with the possibility to add any of the available 150+ trading pairs to the portfolio. Its verified active users just surpassed 56 million, making it one of the most valuable listed public corporations in the United States of America. At the time of drafting this article, Coinbase has registered a total trading volume of $320 billion.
Operations are only carried out in areas where the platform has been granted permission by the authorities. Regarding the US market, Coinbase operates in forty states and territories and offers a vast selection of digital tokens for trade. It initially supported only Bitcoin, but as the number of Coinbase exchange users increased, it expanded to support additional cryptocurrencies.
By completing KYC, Coinbase can ensure that its consumers are safe from malicious attackers.
Coinbase places a high priority on cold storage, allocating almost all of its customers’ assets to this type of storage. In other words, funds are always stored offline to safeguard them from theft or hacking.
Avalanche blockchain eyes further expansion in the Asian market. The final call will be made after it performs well in the Japanese market.
If current trends are any indication, there should be no issues in the region, and AVAX should have no trouble expanding into other locations.