Yuzo Kano, one of the co-founders of the bitcoin exchange bitFlyer based in Japan, intends to reassess his position as CEO during a stakeholder meeting that will take place the following month.
Kano intends to revive the cryptocurrency company and accelerate its expansion in the direction of an initial public offering (IPO) within the next few months to breathe new life into what he perceives to be a dormant business.
After a string of disagreements with other management team members, the former CEO of bitFlyer resigned from his position in 2019.
In addition, he has made public his intentions to put Japan “capable of fighting” on international grounds and to put it back in the spotlight in the crypto space.
In the interview, Kano stated (1) that if he were to be given control again, he would start a token-issuance operation and launch stablecoins on the trading system if given that authority.
In addition to seeking an initial public offering in the next months, he plans to make the Miyabi blockchain that is used by bitFlyer available to the general public as open source.
Even after leaving his job at the company, Kano has managed to maintain ownership of more than forty percent of the business.
While he was gone, bitFlyer put a hold on all new product and service launches and any innovations being developed.
Now that he appears to be an essential component of the company’s development, Kano intends to make his business more well-known and wants to get it back into the competition.
Kano asserts that the once-promising business has deteriorated into an outdated firm with nothing novel to offer its clientele. bitFlyer is one of the country’s top crypto exchanges because it has more than 2.5 million user accounts.
Other Companies Trying to Make it Big in Japan
Some companies have recently made public statements in Japan stating that they will no longer operate in the nation.
Kraken, a worldwide cryptocurrency exchange, recently suspended its activities in Japan for the second attempt due to a lack of available resources in the struggling bitcoin sector.
Another famous cryptocurrency exchange, Coinbase, made an official announcement in January that it will cease all of its activities in Japan and perform an in-depth analysis of its operations in the nation to respond to Japan’s challenging market conditions.
The installation of regulations by Japan’s Financial Services Agency in 2018 that were very stringent and stifling was likely a contributing factor in the management problems that surfaced at the company in 2018.
Kano further mentioned that despite the appointment of multiple Chief Executive Officers, none have succeeded.
As the most significant shareholder in bitFlyer, he called attention to the company’s flawed strategy and urged improvement.
In addition to that, he rebuked them for intentionally causing difficulty and fabricating complaints to sustain their lifestyle.
On the other hand, the previous CEO of the company believes that stringent rules imposed on the business would be able to “serve as a model for the rest of the globe.”