Japan-based SBI Investment, Kraken announce multi-million dollar deal, series B

In a press release sent to CoinReport, global bitcoin exchange Kraken announced a multi-million dollar deal with Japanese venture capital firm SBI Investment. This news comes just two weeks after Kraken announced its acquisition of Cavirtex and Coinsetter

SBI Holdings CEO Yoshitaka Kitao stated in the press release:

“We knew that we wanted to invest in Bitcoin and the blockchain. We wanted a company that would be a wise strategic investment…Kraken has been a leading global bitcoin exchange for years. They have grown tremendously during that time while building a strong reputation as one of the most innovative, secure, compliant, and reliable companies in this emerging financial services area. Kraken was the clear choice.”

SBI Investment is a subsidiary of of SBI Holdings, which consists of 208 companies operating in 20 countries and regions and reported a generated operating revenues of more than ¥245 billion ($2 billion USD) in 2015.

Kraken’s relationship with Japan goes back to 2014, when the company was selected by Mt. Gox’s Tokyo court-appointed trustee to assist the now-defunct exchange. The purpose was to help creditors investigate missing bitcoins, file claims and distribute remaining assets. As of last September, about 25,000 creditors are expected to receive 159 bitcoin and $11,474,707 USD.

Kraken CEO Jesse Powell also shared enthusiastic remarks in the press release:

“SBI’s investment means a lot to us.  We’re proud to have such a strong strategic partner leading our round.  It’s a fantastic first step toward completing Series B, which will ultimately enable us to scale our business worldwide. Kraken will be prepared to meet the fast-increasing demands of an emerging ecosystem of blockchain-enabled assets.”

SBI Investment joins a list of prominent investors that have backed Kraken, including Blockchain Capital, Digital Currency Group and Hummingbird Ventures.

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