Bitcoin exchange Quoine has received a new investment from venture capital and strategic investors to the tune of $20 million. Mike Kayamori, CEO of Quoine, said that the new funding will help the company focus mainly on Asian business.
Quoine is a bitcoin exchange serving Asian markets such as Japan, Hong Kong, Indonesia, Philippines, and Singapore. Users can buy and sell bitcoins using JPY, USD, EUR, SGD, HKD and other local currencies. According to Bitcoin.com, the exchange is also relocating from Singapore to move to Japan to better serve the market.
Kayamori said that their “Indonesian volume is on fire. On any given day, sometimes the Indonesian volume exceeds that of Japan. There is a lot of demand.” He also said that they have noted that there has been some bigger investors from Asia coming on board recently. The exchange is reportedly achieving new highs in trading volume every month, with over $240 million worth of transactions in May.
The reason for the move to Japan according to Kayamori is due to the new favorable regulations. Recently a new law passed in Japan that will require bitcoin exchange operators to register with the Financial Services Agency (FSA) in Japan, who will oversee the exchanges in order to help ensure better protection of users.
Other exchanges in Japan have been flourishing as well, such as Zaif whose parent company TechBureau raised $6.2 million in a Series A funding round in May. Japanese bitcoin exchange bitFlyer has also received funding. In April they received $27 million in capital, which the new investment will go toward research and development of blockchain technology.