Japanese bitcoin exchange bitFlyer raises $27 million in new round

Posted On 27 Apr 2016

Tag: bitFlyer, Blockchain technology, Japanese Bitcoin exchange

bitFlyer, a prominent Japanese bitcoin exchange, has raised ¥3 billion (or $27 million) in new capital, making it one of the largest procurements by a financial technology firm in Japan, reported the Nikkei Asian Review.

The publication said the funds raised will be allocated to research and development of blockchain technology. According to the Review, shares were issued Monday through third-party allotment to investments including funds run by Tokyo-based Venture Labo Investment and SBI Investment.

bitFlyer has served more than 15,000 customers this month, a 10-fold increase over this time last year, said the Review. In light of its expanding user base, said the publication, bitFlyer intends to launch an e-commerce service that accepts bitcoin.

In August 2015, bitFlyer closed a venture capital round in which it raised $4 million. Prior to that, in January of last year, the exchange raised $1.1 million. According to the Review, bitFlyer capital now totals close to ¥3.9 billion.

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About the Author

Katherine Fletcher is a writer and editor based in London, Ontario, Canada. With a graduate degree in journalism, Katherine spent more than five years curating news on Canadian higher education for a marketing consultancy. Her interest in reporting on Bitcoin stems from her belief that digital currency is, and will continue to be, a disruptor in how we conceive modern currency.