Japanese Bitcoin exchange bitFlyer raises $4 million

Akasaka (赤坂 “Red Slope”), a residential and commercial district of Minato, Tokyo. bitFlyer’s office is located inside the Strong Akasaka Building located in this district.

bitFlyer Inc., a Japanese-based Bitcoin exchange, announced Wednesday it has raised about ¥510 million (or $4 million) in a new round of funding.

CEO Yuzo Kano said in a statement posted on bitFlyer’s website that participants in this venture capital round included Mitsubishi UFJ Capital Co., Ltd.; Dentsu Digital Holdings, Inc.; QUICK Corp.; MITSUI SUMITOMO INSURANCE Venture Capital Co., Ltd; and Venture Labo Investment Co., Ltd.

Since the company’s previous funding closed in January (EconoTimes reported that bitFlyer raised $1.1 million in that round), bitFlyer has introduced several new services: bitFlyer Lightning, a Bitcoin exchange tailored for professionals; chainFlyer, a website that offers a visualization of the blockchain; a bitFlyer application for Android; adFlyer, an advertisement service built on Bitcoin; and new developments in multi-signature security.

Kano said the company will use the funds raised in this latest round to develop a more robust security environment for its clients to trade Bitcoin, create a firm management foundation with increased capital, and maintain a solid management system. bitFlyer will also leverage synergies available with each investment organization, and will continue to foster customer base expansion, bolster revenues, and expand its international business development.

Meanwhile, the company is holding a contest as part of its opening celebration and to attract new customers. Until the end of August, users who create an account and deposit at least ¥10,000 have the chance to be among 10 lucky winners to receive ¥10,000 worth of Bitcoin. Users’ chances of winning grow with every ¥10,000 deposited.

Image credit: Bobak Ha’Eri  (CC-BY-SA-2.5)