Cryptocurrency exchange bitFlyer today announced US customers can immediately access funds from connected bank accounts in an attempt to speed up the process of buying digital assets with fiat currencies.
As part of a promotion ahead of the Bitcoin halving event next week, the exchange said it wanted to make it easier for its US clients to buy crypto. Previously, customers would have to wait up to five days to deposit US dollars to the exchange to buy Bitcoin or other cryptocurrencies.
But the promotion now allows customers in the States to now instantly deposit up to $1,000 a week to the Japanese exchange, and withdraw funds once the initial deposit has been cleared.
“Instant Deposit helps resolve the delays caused by using traditional banking, and allow our customers to take advantage of immediate opportunities to trade cryptocurrencies in a fast-paced market,” the company said in an announcement.
In a separate promotion, new bitFlyer customers will also be rewarded with $25 in Bitcoin if they make an instant deposit from a US bank account and trade over $100. This promotion will last until May 20.
The exchange, which has its US outpost headquartered in San Francisco, has kick-started a number of initiatives aimed at giving traders more control over their trades. One of them, the affiliate program, rewards users up to $50 for every new user they bring to the platform.
Founded in Tokyo in 2014, bitFlyer is now one of the world’s largest cryptocurrency exchanges. As well as operating in Japan and 47 US states, it also has a license to operate in Europe.
The Bitcoin halving event will take place on May 12. It will see the miners’ Bitcoin block rewards slashed in half — from 12.5 BTC to 6.25 BTC — in order to slow inflation and restrict supply.
Occurring approximately once every four years, Bitcoin’s halving is typically associated with a rising price of the cryptocurrency — and many in the crypto world are expecting the same to happen again.