fiat

247exchange adds currency support for Japan, Turkey, and other countries

Belize based bitcoin startup 247exchange is quickly expanding it’s product offering this year, with the announcement of six more fiat based currencies they are adding for instant credit and debit card purchases.

247exchange is a bitcoin exchange where users can buy, sell, and exchange bitcoins and other digital currencies. The exchange accepts many different local currency funding options. Users can fund their accounts with a bank wire, credit/debit card (Visa, MasterCard, Maestro), SEPA, local bank transfers, cash deposits, or e-wallets.

The exchange’s latest update says that they have added six more currency options: DDK (Denmark), JPY (Japan), NOK (Norway), NZD (New Zealand), SEK (Sweden), and TRY (Turkey). In May of this year, 247exchange added CAD and AUD.

The addition of JPY and TRY currencies come at an interesting time for the bitcoin space.

In Japan, overall demand and volume for bitcoin has skyrocketed. Bitcoin.com has questioned if Japan is becoming a new “bitcoin trading superpower,” when reviewing Japanese bitcoin trading volume. For example, on the Japanese bitcoin exchange bitFlyer, they are processing over 40,000 BTC per day.

BitFlyer CFO, Midori Kanemitsu, said the volume is indeed real, but that zero fee campaigns and competition between big exchanges in Japan were probably boosting the amount of trading taking place.

“The Japanese bitcoin market is so extremely competitive that almost all the exchanges charge no fees, and the competition is going into negative fees. There have also been good in-flows from the recent volatility, including ‘Brexit’, where JPY was bought and BTC outperformed JPY,” Kanemitsu told Bitcoin.com.

These sorts of trading behaviors happen similarly on other exchange platforms with zero fee policies, so far mainly in China. BTCC exchange CEO Bobby Lee has even confirmed such practices in the past, where the volume is inflated due to wash trading.

The addition of the Turkish Lira (TRY) is also interesting to bitcoin because of the recent events in Turkey. Some are speculating what’s happening in Turkey will further lead to more interest and demand in alternative non-government based currencies such as bitcoin.

247exchange currently accepts many different types of currencies in exchange for bitcoin, across many countries and payment methods. However, customers based in the United States are blocked from the exchange citing FinCEN regulations. The exchange says that they are working on this and hope to become available in the United States sometime between 2016-2017 (at least for the most significant states). They are also working on a complete revamp of their website which they plan to debut in the fall of this year.

In April of this year, 247exchange was named as one of the top three bitcoin exchanges on the market through community ratings and reviews.