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Japanese Bitcoin Exchange bitFlyer Raises $27 Million

Last Updated March 4, 2021 4:48 PM
Samburaj Das
Last Updated March 4, 2021 4:48 PM

Leading Japanese bitcoin exchange bitFlyer has revealed the successful completion of a ¥3 billion ($27 million) funding round, the largest funding round ever by a bitcoin and Fintech company in Japan.

In a funding round led by Japanese investor SBI Investment and Tokyo-based venture capital firm Venture Labo Investment, prominent Japanese digital currency exchange operator bitFlyer has raised around 3 billion yen ($27 million) in new capital.

Shares were issued this week via a third-party to investors including the funds overseen by Venture Labo Investment and SBI Investment.

The cryptocurrency exchange has seen aggressive growth numbers among users, with over 150,000 users served in April alone, over 10 times the number from the same time last year.

As revealed by a report in regional publication Nikkei, the new capital will help fund the research and development of blockchain technology at bitFlyer.

The bitcoin exchange has come a long way from initial investment rounds, one of which was for $236,000 back in October 2014. That particular fund-raising was to help bitFlyer expand internationally, with Singapore earmarked as a target at the time.

Japan has seen an increase in investment toward electronic currency exchanges with Kraken being a notable recipient of investment from Japanese investors in recent times. One investment secured by Kraken earlier this year came from Japan’s leading VC firm.

The increased funding toward bitcoin companies and Fintefch comes during the months when reports came out from Japan that authorities and the country’s government were considering deeming bitcoin as a currency. Early March saw the Japanese Cabinet pass bills to officially recognize digital currencies like bitcoin as real money.

bitFlyer is also rumored to be planning an e-commerce website where bitcoin will be accepted.

The total funds raised by bitFlyer to date, including the new capital, now stands at over $35 million.

Featured image from Shutterstock.