Japan’s bitFlyer Secures ¥3 Billion for Blockchain Efforts

The bitcoin exchange reports a monthly volume of over ¥13 billion and a user base of over 150,000.

Japan-based bitcoin exchange bitFlyer has raised another ¥3 billion in funding on Tuesday through third-party allocation of shares – the largest round of fundraising by any fintech startup in Japan ever. The firm says that the funds raised will enable the acceleration of its cryptocurrency blockchain and services.

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This latest injection of capital (worth almost $28 million), in addition to the $6.5 million it raised last year, makes bitFlyer the second largest bitcoin exchange in the world by current valuation. It reports that the volume of transactions on the exchange in April 2016 was over ¥13 billion, along with a user base of over 150,000.

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On Wednesday bitFlyer also joined the Blockchain Association of Japan to help it create policy proposals for the blockchain industry in the country as the Japanese government is looking for ways to regulate and promote the technology.

Today bitFlyer also announced a new service in partnership with FX firm MONEY SQUARE JAPAN, INC. Via this new service the awards tokens of the foreign exchange margin trading services “M2J Points” can be exchanged for Bitcoins.

The Japanese 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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