Binance Japan recently announced plans to list 13 additional cryptocurrencies on its platform.
As an investor keeping an eye on developments in the Japanese crypto market, several key details stand out to me.
First and foremost, this represents a major expansion of assets available to Binance Japan users. Until now, the exchange offered trading for just 5 cryptocurrencies against the Japanese yen (JPY): Bitcoin (BTC), Ethereum (ETH), XRP, Bitcoin Cash (BCH), and Litecoin (LTC).
The Newly Listed Tokens
Here is the full list of tokens Binance Japan intends to add:
- Polygon (MATIC) - Layer 2 scaling platform for Ethereum
- Axie Infinity (AXS) - Tokens for monster battle video game
- The Sandbox (SAND) - Virtual world gaming platform coin
- Decentraland (MANA) - 3D virtual reality platform token
- Balancer (BAL) - Automated portfolio manager
- Bancor Network Token (BNT) - Liquidity protocol
- yearn.finance (YFI) - DeFi aggregator
- SushiSwap (SUSHI) - Decentralized AMM and yield farm
- Synthetix (SNX) - Derivatives liquidity protocol
- Uniswap (UNI) - Decentralized trading protocol governance token
- Maker (MKR) - Ethereum stablecoin platform
- Compound (COMP) - Algorithmic money markets
- Chainlink (LINK) - Decentralized oracle network
This list contains some of the most prominent decentralized finance (DeFi) projects along with a few metaverse-focused coins tied to blockchain games like Axie Infinity.
Binance Japan is clearly moving to support the full range of major crypto asset categories beyond just currency-focused coins like Bitcoin and Litecoin.
JasmyCoin (JASMY), which is a Japan-based Internet of Things (IoT) blockchain platform, notably did not make this first batch of new listings on Binance Japan. This surprises me given that it is a domestic project.
Why List These Tokens?
There are likely a few key reasons Binance Japan decided on listing this particular basket of tokens:
- They want to make popular international DeFi projects accessible to Japanese traders. All of these tokens are established names in global crypto markets.
- Japan recently passed registrations for some international stablecoins like USDC, BUSD, and USDT. Listings like MKR, COMP, LINK, SUSHI position Binance Japan to take advantage of trading volumes against these stablecoins.
- Gaming-related metaverse crypto coins have seen strong growth in Japan and Asia recently. SAND and MANA are leaders in this niche.
- Binance Japan can draw liquidity from the global Binance exchange, which already lists all of these assets.
"The Japanese market will welcome access to more digital assets. We want to offer the tokens Japanese users demand."Diem Cohen, Binance CEO Changpeng Zhao's deputy
This indicates Binance Japan is simply responding to user requests - several surveys have indicated Japanese investors want to see more altcoins available.
Comparing Other Japanese Exchanges
How does Binance Japan stack up against competitors with these listings?
- Rival Japanese exchanges like GMO Coin and BitFlyer offer far fewer altcoin choices. Even after these additions, Binance Japan trails behind international Binance somewhat.
- Bitbank leads Japanese exchanges in number of coins listed, but still significantly lags behind Binance in total assets.
- SBI VC Trade and Fisco Cryptocurrency Exchange present some competition too. But neither matches Binance's brand recognition in Japan.
Here is a breakdown of supported tokens on major exchanges:
|# Token Listed
|Key Supported Digital Assets
|BTC, ETH, XRP, DeFi
|BTC, ETH, XRP
|BTC, ETH, BCH
|BTC, ETH, BCH
|SBI VC Trade
|BTC, ETH, XRP
|Fisco Cryptocurrency Exchange
|BTC, ETH, MONA
So after these additions, Binance Japan still trails Bitbank but offers far more choice than conservative players like GMO Coin and BitFlyer.
As a crypto investor, I'm thrilled to see Binance Japan expanding available tokens. This brings accessibility to key DeFi and metaverse projects that have seen massive growth recently.
Competitively, Binance Japan looks well positioned as the second largest exchange in daily volume. Increased liquidity and variety should help them continue gaining market share against rivals.
However, I'm slightly disappointed not to see more exposure to native Japanese blockchain innovators. Listings like JasmyCoin would have been nice to improve funding flows to domestic crypto startups.
Overall though, these new listings are a big win for enhancing investor choice. DeFi and metaverse functionality is the future, so trading access brings Japan closer to the global crypto innovation frontier.