The Asian markets have no plans of being left out of the global cryptocurrency trend as local companies continue to develop services that promote Bitcoin adoption in the region.
New Bitcoin exchange surfaces in Japan
Existing cryptocurrency exchange Zaif now allows Bitcoin to be traded after Tech Bureau Inc. opened its platform for the most popular digital currency.
The addition of Bitcoin to what was then the leading Monacoin exchange in the world was made possible by the $835,000 funding raised courtesy of Nippon Technology Venture Partners (NTVP).
As an effect, Japanese can now trade yen, Monacoin, and Bitcoin using only one online exchange.
According to Tech Bureau CEO Takao Asayama, he intends to use Zaif as the medium to increase Bitcoin adoption among the locals, stating:
“By providing the most user-friendly cryptocurrency exchange on the market, we are creating an environment that encourages Japanese people to increasingly rely on crypto currencies in the future.”
Moreover, NTVP General Partner Kazutaka Muraguchi believes that Tech Bureau will be instrumental in connecting Japan to the ‘worldwide financial revolution’ spearheaded by cryptocurrencies.
South Korea makes buying BTC more conenient
Meanwhile, Coinplug and Nautilus Hyosung, the country’s leading ATM producer and the world’s fourth largest, have partnered in an effort to make Bitcoin acquisition easier and to encourage more local merchants to accept the digital currency.
Their team up resulted in a solution that enables anyone to buy Bitcoins using Coinplug’s prepaid okBitcard service on any of more than 7,000 ordinary ATMs in the country.
Purchasing bitcoins requires users to follow a series of simple steps that involve providing a phone number and date of birth. A paper receipt will be printed out, bearing the PIN code to be used to redeem the amount through the Coinplug smartphone app or the okBitcard website.
At present, ₩10,000, ₩30,000, and ₩50,000-worth of BTC can be purchased through the machines.
How does this affect the online gambling industry?
Although these developments may be indirectly related to the Bitcoin casino niche, having active and optimistic Bitcoin markets in Asia spells good news since this presents possibilities for more players and operators to enter the business.
A wider adoption of the digital currency in Asia is one of the factors needed for Bitcoin casinos to boom in the region. While there are some Bitcoin gambling sites and sportsbooks operating for Asian bettors, this market is still small relative to the industries in Europe and in the US. After all, most of the wagers on the Bitcoin casino games are made in the Western countries, where Bitcoin is more supported and online gambling more accepted.
Regardless, the Asian Bitcoin gambling market is slowly catching up as more countries prove to be candidates to push this industry further. Bitcoin casinos in the Philippines are expected to grow as the country gains more awareness and movement when it comes to the digital currency. Likewise, the Bitcoin possibilities in China continue to gain ground as its market proves to be a strong supporter and user of the digital currency.