BitFlyer Raises Another $4 Million as It Looks to Fill Gox Void in Japan

Japan-based bitcoin exchange bitFlyer has raised another ¥510 million ($4 million) in funding as it continues to try filling the void in Japan left by the MtGox collapse last year.

This is bitFlyer’s third and largest funding round to date, bringing total investment to approximately $6.5 million. Investors in this round include Mitsubishi UFJ Capital Co, Dentsu Digital Holdings., QUICK Corp, MITSUI SUMITOMO INSURANCE Venture Capital Co, and Venture Labo Investment Co.

The exchange was founded by former Goldman Sachs derivatives trader Yuzo Kano, who reportedly quit his job to do so several months after the collapse of Japan-based MtGox, at one point the world's largest exchange by volume.

The company stated that the latest funding will go toward building more robust security, establishing a “firm management foundation,” and enhance its IT infrastructure. It says it will also take advantage of the synergies available with each organization investing in it. In addition, it rehashed its vision to expand beyond Japan.

Following its previous funding round in January, the exchange says to have launched several services, including: bitFlyer Lightning, an exchange designed for professionals; chainFlyer, which provides visual Analytics Analytics Analytics may be defined as the detection, analysis, and relay of consequential patterns in data. Analytics also seeks to explain or accurately reflect the relationship between data and effective decision making. In the trading space, analytics are applied in a predictive manner in an attempt to more accurately forecast the price. This predictive model of analytics generally involves the analysis of historical price patterns that are used in an attempt to determine certain price outcomes. Analyt Analytics may be defined as the detection, analysis, and relay of consequential patterns in data. Analytics also seeks to explain or accurately reflect the relationship between data and effective decision making. In the trading space, analytics are applied in a predictive manner in an attempt to more accurately forecast the price. This predictive model of analytics generally involves the analysis of historical price patterns that are used in an attempt to determine certain price outcomes. Analyt Read this Term of the Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term; an Android app, an advertisement service built on Bitcoin, and multisignature capabilities.

Trading on the exchange is performed against the yen. The current bid/ask spread is 2.2%.

The funding is the first to be announced in the industry this month, 12 days in.