Japan-based Crypto Exchange bitFlyer Adds XRP Leveraged Trading

bitFlyer has announced the upcoming addition of XRP leveraged trading on its bitFlyer Crypto CFD platform.

In the announcement, the exchange noted that XRP leveraged trading will go live soon, allowing traders to take advantage of XRP price movements with up to 2x leverage. This offers greater capital efficiency and the potential to profit from both rising and falling markets.

XRP on bitFlyer Crypto CFD

Notably, bitFlyer’s Crypto CFD platform enables users to trade with leverage by depositing margin and speculating on crypto price movements without owning the underlying asset. The platform supports up to 2x leverage, allowing for efficient capital usage. Traders can also take short positions to profit from price declines. Previously, bitFlyer supported BTC-CFD/JPY trading but is now expanding to include XRP-CFD/JPY and ETH-CFD/JPY pairs.

The exchange has maintained Japan’s No. 1 Bitcoin trading volume for nine consecutive years and aims to strengthen its position in crypto derivatives by providing traders with a fee-free trading experience. However, additional leverage points and funding rates will incur separate charges.

Rising Interest in XRP in the Japanese Market

The addition of XRP to the leveraged trading platform is in line with growing interest in XRP within the Japanese crypto market. The Crypto Basic reported that Japanese energy firm Remixpoint purchased $3.9 million in XRP and Dogecoin as part of its crypto strategy, raising its total crypto holdings to $59.1 million.

In December, GAM Investments proposed an XRP buyback program for SBI Holdings, suggesting that SBI use its cash flow to buy back XRP from the market to unlock significant shareholder value.

Additionally, in 2023, SBI Remit launched a remittance service utilizing XRP for transactions to countries like Vietnam and the Philippines. This initiative aims to reduce costs and improve scalability, with plans for future expansions.