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

bitFlyer has raised another ¥510 million in funding as it continues to try filling the void in Japan left by

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.

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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.

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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 of the blockchain; 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.

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