Yuzo Kano is a man of resources with a vision. The man aims high, and he wants to have the world’s leading exchange service for digital currencies. It certainly doesn’t hurt that this former Goldman Sachs alumnus is the prominent head behind BitFlyer Inc., Japan’s #1 exchange service. So far the man has doubled his staff over the past six months. He’s looking to have the best and the brightest working alongside him by the year-end. The company aims to have 300 of the best talents from the banking industry and the cryptocurrency field.
Poaching the talent, getting ahead
Luring talent from other companies is not an uncommon practice in the business world. But being as aggressive as BitFlyer has been, certainly seems to put in evidence that Yuzo Kano is taking the lead on making the best out of the relaxation on digital currency regulations by the Japanese government. In the land of the rising sun, government officials are managing trade and exchange of cryptocurrencies with heavy supervision. This has made the legality of transactions using digital currencies an unquestionable, trustworthy legal process. No market can provide this with approval at the moment.
Numbers that favor the initiative
The conditions created by the Japanese government give Kano the opening he needs to launch a global operation. He’s positioned to do that since BitFlyer is currently the fourth largest exchange worldwide, right behind BitMex, Binance, and OKEx. According to last public numbers they handled operations for nearly $2 billion just in 2017. Their users went from a few hundred to almost two million just after the announcement of new regulations. The entrepreneur has been very clear on interviews, stating that he only cares about being the #1 service provider. And to get there, he needs top of the line talent.
Going global, getting credibility
With Japan being set up as its main base, the plan is to go global by opening offices in business capitals of the world. The list includes Tokyo, Luxemburg, San Francisco, Australia and unspecified regions of South America, Africa, and Asia. He plans to go beyond the exchange service by offering new entrepreneurs the framework and the advice to make their plans successful. While his intentions look ambitious, it’s very much at odds with similar initiatives such as the one started recently by Mike Novogratz, who launched a Merchant bank for digital currencies just a little while ago. The talent already hired by Kano gives him a leading hand since it adds credibility to the operation, both inside and outside his country.
Even with a declining number of interested parties and unstable numbers on the behavior of Bitcoin over the last six months, Kano is managing to draw in some very powerful talent by offering some of the best salaries in the industry. He is making sure that people coming to work, have a clear idea of the ultimate goal of the company. It is a guessing game to say how successful he will be. But, it’s worth watching how Yuzo Kano’s efforts pay off in the end.
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