Ex-Goldman trader opens Bitcoin exchange

Yuzo Kano quit Goldman Sachs twice: once for a rival bank, the second time to open Japan’s first bitcoin exchange since the collapse of Mt. Gox.

Bloomberg News reports that when Kano, 38, left his job as a derivatives and convertible bonds trader in December, bitcoin had climbed to a record $1,151. Three months later, it was worth half that after a $530m heist at Mt. Gox bankrupted what was once the virtual currency’s largest exchange.

'That’s one less competitor for us, but it also left many Japanese with a very negative impression of bitcoin', Kano said in an interview in Tokyo on July 17. 'We already had a company then and felt it was up to us to rebuild the trust'.

Since Mt. Gox closed in February, acquiring the digital currency in Japan meant going to the city’s only bitcoin ATM machine or arranging a person-to-person deal. Kano’s bitFlyer website allows anyone with a Japanese bank account to buy and sell the coins. The service began in April and eschews the trading options used by other exchanges in favor of a simple interface that would appeal to beginners, Kano said, declining to give subscriber numbers.

To access the complete Bloomberg News article hit the link below:

Ex-Goldman Trader’s Bitcoin Exchange to Fill Mt. Gox Void

Swiss Bank EFG Sets Aside $24 Million for U.S. Tax Fine

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