The co-founder of the Japanese crypto exchange bitFlyer, Yuzo Kano, will reportedly ask for re-election as CEO at a shareholder meeting the next month in an apparent effort to revitalize the, in his words, “stagnant” company.
During an interview with Bloomberg, Kano expressed his goal of bringing Japan to the forefront of the crypto-currency industry, saying, “I will make it capable of fighting on the international stage.” If he is reinstated as CEO, Kano intends to add stablecoins to the trading platform and create a token-issuance operation. He also intends to open-source bitFlyer’s “miyabi” blockchain to the public and pursue an IPO.
Kano, who retained a 40% stake in the company despite stepping down, believes that bitFlyer has stopped innovating and launching new products and services. He plans to change this by introducing new ideas and reprimanding employees who cause problems or fail to meet expectations.
BitFlyer, with over 2.5 million accounts, is one of Japan’s more extensive crypto-currency exchanges. However, it has faced regulatory pressures from Japan’s Financial Services Agency to adopt more stringent money laundering policies. Kano believes that these regulations can serve as a model for the rest of the world.
Crypto Exchange’s Management Issues and Competition
BitFlyer has faced management issues, with multiple CEOs coming and going since Kano’s departure. Kano pointed out where they needed to catch up and demanded improvement as the company’s largest shareholder.
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The exchange has also recently seen some international competitors leave the Japanese market. Kraken announced the closure of its Japan business on Dec. 28, while crypto exchange Coinbase halted its Japanese operations on Jan. 18.
Despite these challenges, Kano remains optimistic about bitFlyer’s future and believes that his leadership can revitalize the company and position it for success on the global stage.
The author’s views are for reference only and shall not constitute any investment advice. Please ensure you fully understand and assess the products and associated risks before purchasing