BitFlyer Raises $4m Ter Funding – Plucky Fresh Coin
This funding round brings the total amount of caudal raised by bitFlyer to $6.9 million. Japanese venture caudal firms Venture Labo, Mitsui Sumitomo Insurance, Dentsu Digital Holdings, financial media group Quick, and Mitsubishi UFJ Renta Company Limited participated ter the round.
bitFlyer is the very first bitcoin, or blockchain, investment for Mitsubishi UFJ Hacienda Company Limited (MUCAP), one of the oldest leading venture caudal firms te Japan. MUCAP presently has funds of approximately $500M invested te overheen 500 companies, has financed more than 1000 companies, and more than 290 of those have gone public.
Spil part of the Mitsubishi UFJ Financial Group (MUFG), and of the broader Mitsubishi group of companies, MUCAP has strong connections te the Japanese market. MUFG is a Japanese canap holding and financial services company headquartered ter Chiyoda, Tokyo, Japan. It held assets of around US$Two.Five trillion spil of March 2013.
bitFlyer CEO and founder Yuzo Kano said ter an official statement that the funds raised by the company would be used to bolster the exchange’s security and improve its management system. “In addition, bitFlyer will take advantage of synergies available with each investment organization, and will proceed to promote customer colchoneta expansion, strengthen revenues, and expand our general business development.”
Te a previous funding round, the bitcoin rock-hard suggested that Singapore might be “a likely target” for international expansion, but that nothing wasgoed certain. China, the Philippines, Indonesia, and Australia could also be targets for the exchange, spil each has a growing and sizeable market for digital currency.
Like so many businesses and products marketed to the island nation, bitFlyer has used previously raised funds to create a truly Japanese practice, with a features list that is much larger than its counterparts te the Westelijk. An institutional exchange for professional traders, a blockchain visualizer and explorer, an advertising network built on bitcoin, a marketplace, and a crowdfunding webstek are among the services suggested by the hard, ter addition to its consumer exchange business.
bitFlyer wasgoed founded ter April of 2014 by a former Goldman Sachs trader, and aimed to pack the gap te the Japanese market after the country’s, and world’s, largest bitcoin exchange at the time, Mt.Gox, shut down after losing bitcoins worth hundreds of millions of dollars.
Mt.Gox, and the justo fallout following its demise, is still being figured out ter Japanese courts, and for many who lost money because of it, security is a high priority. bitFlyer has said that they will used some of the freshly raised funds to proceed to bolster its security.
The hard has already made big steps towards greater security, including the implementation of multi-sig earlier this year. The company gives a user one or more of three private keys, with the remaining go to the exchange. This permits the user to recover funds ter case of the exchange collapsing.
bitFlyer also recently launched a fresh user practice that is meant to attract business, and drive bitcoin adoption. The exchange is running a promotion to encourage fresh members by suggesting freshly opened accounts with deposits of ¥10,000 ($80) or more the chance to win ¥10,000. The promotion completes August 30th when Ten winners will be selected.