On October 22, Kraken reopened and expanded its funding and trading services in Japan. Kraken enables Japanese clients to create and verify their accounts and processes spot trading in 5 major cryptocurrencies – Bitcoin (XBT), Ethereum (ETH), Ripple (XRP), Bitcoin Cash (BCH) and Litecoin (LTC) with various JPY-crypto and crypto-crypto trading pairs. Domestic deposits and withdrawals will go through SBI Sumishin Net Bank. SBI Sumishin Net Bank is a specialized Internet bank jointly established by SBI Holdings and Sumitomo Mitsui Trust Bank (Formerly Sumitomo Trust Bank) in September 2007. In the coming months, Kraken plans to start expanding its product offering in Japan with more assets and services. Kraken briefly exited the Japanese market in April 2018 due to regulatory pressure after a Tokyo-based exchange, Coincheck, lost more than $530 million worth of assets in the largest hack ever in the history of digital assets (larger than the $350 million lost in Mt Gox), however this is a small exchange relative to the total market. Takeshi Chino, the CEO of Kraken's Japanese subsidiary Payward Asia, said demand for decentralized finance (defi) is growing: “Investors [in Japan] are not only drawn to price movement, but also to new investment opportunities, including the innovation currently coming out of the defi space.” In February, 2019, Kraken announced that it had raised $100 million in a direct offering to its largest customers at a $4 billion valuation; Kraken processed over $85 million in trade volume in 2018.