Singapore based Bitcoin exchange QUOINE announced today the successful completion of its Series A funding round, raising up to $20 million. The round was led by Japan’s largest venture capital firm, JAFCO (formerly the Japan Associated Finance Co., Ltd.).
QUOINE was founded in 2014 and this year has introduced futures trading on Ethereum (ETH) and Bitcoin (BTC).
Commenting about the plans for the use of the new capital, the startup’s management wrote: “Our fundraising has come at a crucial time for the digital currency industry in Japan, as the Japanese government recently passed a bill that officially recognizes and regulates digital currency exchanges. This new law provides clear regulatory guidelines and a framework toward full legitimacy of digital currencies.
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We will use the funds to ensure that QUOINE will be among the first regulated exchanges in Japan when the rules come into effect in 2017.”
The Singaporean Bitcoin exchange also announced two key appointments that will help its Japanese expansion plans.
Mike Kayamori recently became CEO of QUOINE, bringing with him a wealth of experience as a senior vice president at Softbank where he managed investments, partnerships and operations in Asia.
Another key appointment has been Ken Mazzio, who joins QUOINE as Head of Compliance and Information Security. Having previously held senior roles at Merrill Lynch, Barclays and ANZ, Ken is well placed to assist QUOINE in navigating the challenging regulatory landscape in Japan.