Bitcoin Exchange bitFlyer Raises $4 Million in New Funding
BitFlyer has raised approximately 510m JPY ($4m) through third-party allotment, which entails issuing new shares to a limited number of investors.
Bitcoin exchange bitFlyer has raised approximately 510m JPY ($4m) through third-party allotment, which entails issuing new shares to a limited number of investors.
According to a company statement, investors included VC firms Mitsubishi UFJ Capital Co – one of Japan's largest investors – Venture Labo Investment Co and Mitsui Sumitomo Insurance Venture Capital Co.
– a business management company in the digital communications market – and financial information provider Quick Corp also participated in the round.
Japan-based bitFlyer said it would use the latest funds to heighten security for its customers plus establish and maintain a solid management system.
The statement continued:
The news follows the closure of a previous 130m JPY ($1.1m) funding round in January, led by Barry Silbert's Digital Currency Group, and brings the exchange's total funding to date to approximately $6.9m.
BitFlyer was first launched after its CEO Yuzo Kano, a former derivatives and convertible bonds trader at Goldman Sachs, raised $1.6m last summer.
At the time, it was perceived that the new exchange set out to recapture the vacuum in Japan's bitcoin market market following the collapse of the exchange Mt Gox.
Money image via Shutterstock.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.