Japanese bitcoin exchange bitFlyer raises $27m in new venture capital

Japanese bitcoin exchange bitFlyer raises $27m in new venture capital

Japanese bitcoin exchange bitFlyer has reportedly raised new venture capital in the amount of $27 million USD (or $3 billion YEN).

bitFlyer, who is based in Nagata-cho, Japan, is an exchange where users can buy and sell bitcoin using the local Yen currency. Users can deposit funds to bitFlyer using a Japanese bank account.

The new investment capital will go toward research and development of blockchain technology. Shares were issued Monday via third-party allotment to investors including funds run by Tokyo-based Venture Labo Investment and SBI Investment. BitFlyer’s capital now totals nearly $35 million USD ($3.9 billion yen), according to nikkei.com.

Additionally, the exchange has served more than 150,000 users in April, 10 times the year-earlier level. Japan proposed legislation in March regulating virtual currencies, setting rules to protect domestic users. BitFlyer plans to open an e-commerce service accepting bitcoin in light of its growing user base.

Japanese bitcoin volume has been soaring recently, with Japanese platform Zaif announcing record trading levels on their exchange earlier this month.

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david@bitcoin.com'
David is a writer, researcher, and developer who is passionate about bitcoin and blockchain. He writes for Bitcoin.com, Blockchain.com, and is the founder of Bitcoinx.io (which was acquired by Bitcoin.com). David previously used to write and curate for Myspace and has worked in the fintech and payments space for over 15 years.