The US arm of bitFlyer’s global cryptocurrency exchange has added a new fiat on-ramp for American traders. Its instant deposit service will enable users to transfer funds from a connected bank account and immediately start trading. Timed to coincide with Bitcoin’s fourth halving event, the promotion is bolstered by a $25 bonus for depositors who meet certain conditions.
bitFlyer Increases Options to Mark Block Reduction
On May 12, the Bitcoin blockchain will experience its third block reward halving. The event is essentially the World Cup for bitcoiners; a chance to toast the network’s good health and robust hashrate, which recently passed an all-time high of 140 exahash per second. While Bitcoin proponents plan all-night live stream parties to toast the halving, crypto companies are also getting in on the act. bitFlyer USA is using the occasion to promote its new instant deposit service at a time when there is heightened attention on the cryptosphere.
Trade volumes are expected to be strong in the week leading up to the halving, as traders try to gauge which way the market will move. Given the anticipated volatility, getting funds onto crypto exchanges fast is imperative. bitFlyer is hoping its instant deposit service will facilitate this, while earning it new converts in the competitive US crypto market.
Getting the Halving off to a Flyer
bitFlyer’s new fiat-crypto artery has a weekly maximum of $1,000 and as such will be of interest to retail users. The service marks a dramatic improvement on the previous fiat on-ramp, which took three to five days to clear. Customers can now have their balance credited instantly, and can also withdraw in the same manner. To mark the Bitcoin halving, bitFlyer is giving US traders until May 20 to claim $25 of BTC when they make an instant deposit and trade $100.
The exchange first made its name in Japan, where it was founded in 2014, before expanding to the US in 2017. From its San Francisco headquarters – home to exchanges Kraken and Coinbase – bitFlyer operates in 47 states and holds a coveted BitLicense. In addition to Kraken and Coinbase, bitFlyer USA faces competition from Gemini and Binance US. A focus on high security and compliance has enabled bitFlyer to find its niche in the US market, however, and build its global brand.
Upping the On-Ramps
In 2017, when interest in Bitcoin last peaked, exchanges struggled to deal with the inflow of new customers and fiat deposits were slow to clear. Although next Monday’s halving isn’t expected to generate the same sort of speculation, should BTC start to climb, it could trigger bullish conditions that will tempt the stay-away investors from 2017 to return. In readiness for this possible scenario, exchanges have been endeavoring to establish better fiat on-ramps and to slash deposit times. bitFlyer’s new instant deposit option will be welcomed by its US customers, who now have the ability to get in – and out – of crypto in a hurry.