Japanese Bitcoin Exchange bitFlyer Acquires $236,000 to Expand Internationally

Journalist:
October 17, 2014

bitFlyer, a Japanese Bitcoin exchange, announced today that they obtained $236,000 through fundraising from the Bitcoin Opportunity Corp, an investment vehicle.

That is the first investment in a company based in Japan for the Group. This investment will be the first convertible bond issue by bitFlyer. According to Investopedia, a convertible bond “can be converted into a predetermined amount of the company’s equity at certain times during its life, usually at the discretion of the bondholder”.

Bitcoin Opportunity Corp

The Bitcoin Opportunity Corp (BOC) has invested in over 30 Bitcoin companies and startups, including big names like BitPay, Circle, and Xapo.

BOC is based in New York; it was founded by Barry Silbert, who also founded SecondMarket. Silbert tweeted about the investment.

Also read: Digital Currency Exchange Service AlphaPoint Receives $1.35 Million in Funding

Plans for Expansion

bitFlyer is the first Japan-based company since Mt. Gox collapsed to provide an option for anyone with a Japanese bank account to trade. In an interview with Bloomberg, Yuzo Kano, founder and CEO of bitFlyer, shared that “Singapore is a likely target [for expansion], although nothing has been decided yet,” adding that “It will have to be somewhere favorable to bitcoin, so probably not the U.S.” According to Bloomberg, Kano shared that bitFlyer plans to begin international operations as early as the end of this year.

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A couple of days ago in an article about digital currency exchange AlphaPoint receiving an investment, I discussed how exchanges are trying to take the lead and become the most popular exchange. Today’s funding for bitFlyer further proves that notion; companies are receiving funding so they can grow and become more prevalent. Digital currency exchanges have been fighting to become the leader of exchanges since Bitcoin exchanges first started sprouting up, but even more-so after the crash of Mt. Gox. By adding new features and options, which funding is often used to do, exchanges hope to overcome other exchanges to become the best.

What are you making of these recent investments in digital currency exchanges? Tell us in the comments section below!

Images from bitFlyer and Shutterstock.

Jonathan Saewitz @SuperCryptoGuy

I am a teenager in high school who is very interested in digital currencies. I enjoy researching Bitcoin and other digital currencies, but my favorite crypto is Dogecoin. Please feel free to email me at jonathansaewitz@gmail.com.