According to Kano, the company has become an enterprise that offers nothing new to its customers.
Yuzo Kano, who is the co-founder of Japan-based cryptocurrency exchange bitFlyer, is planning to re-establish himself as the CEO in a stakeholder meeting next month.
In an attempt to stimulate what according to him is a stagnating company, Kano plans to re-establish the crypto firm and boost its growth towards an Initial Public Offering (IPO) in the upcoming months. The former bitFlyer CEO resigned from the firm in 2019 after a series of management feuds. He has also announced his plans to position Japan back on the map in the cryptocurrency space and wants to make it “capable of fighting” on international grounds.
In the interview, Kano also said that if recalled to the reins, he will launch stablecoins on the trading platform to establish a token-issuance operation. He also intends to open-source bitFlyer’s Miyabi blockchain to the public, along with chasing an IPO in the upcoming months.
Kano has held on to over forty percent of the stake in the firm even after resigning from his position. While he was away, bitFlyer put a pause on all innovations and the launch of new products and services. Kano plans to reinstate the popularity of his company and wants to bring it back into the game now that he seems to be vital for the firm’s growth.
According to Kano, the company has become an enterprise that offers nothing new to its customers. There are more than 2.5 million accounts on bitFlyer, making it one of the largest cryptocurrency exchanges in the country.
Japan has witnessed several firms that have announced the end of their stint in the country. Recently, a global cryptocurrency exchange Kraken pulled its operations in Japan for the second time after a scarcity of resources in the weak crypto market. Another popular exchange Coinbase formally declared in January that it will be terminating its operations in Japan and will conduct a comprehensive review of its business in the country following stringent market conditions.
The management issues that crept up at the firm followed regulatory implementations by Japan’s Financial Sevices Agency in 2018 that were extremely strict and suffocating. Kano also added that several Chief Executive Officers have been appointed but none has stuck. As bitFlyer’s largest shareholder, he pointed out the shortcomings in their plans and demanded improvement. He also reprimanded them for creating trouble and making counterfeit reports to make ends meet.
However, the former CEO also believes that extensive regulations on the industry might be able to “serve as a model for the rest of the world.”
Sanaa is a chemistry major and a Blockchain enthusiast. As a science student, her research skills enable her to understand the intricacies of Financial Markets. She believes that Blockchain technology has the potential to revolutionize every industry in the world.
