bitFlyer Holdings, Inc., the parent company of the Tokyo-based cryptocurrency exchange bitFlyer, announced this Friday that it has established a new wholly-owned subsidiary bitFlyer Blockchain, Inc.

The focus of the company, as the name suggests, is on blockchain technology. Specifically, on the planning, designing, developing, and operational management of services using blockchain technology and of web services and applications.

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“In expectation of the expansion of the blockchain market and to further strengthen our blockchain business plan, the bitFlyer Group has established a new subsidiary company with the intent of further accelerating business growth,” the statement said.

The newly-established blockchain subsidiary has the following address: 9-7-1 Akasaka, Minato-ku, Tokyo, Japan. Including capital reserves, the firm has a capital of ¥100 million ($913,000).

Yuzo Kano Appointed as CEO of bitFlyer Blockchain

Leading the new subsidiary is Yuzo Kano, the Chief Executive Officer (CEO) and co-founder of bitFlyer, who will now lead the subsidiary as the CEO and representative director as well as retain his position as director of the parent company.

As Finance Magnates reported at the beginning of the year, Kano was named as the director of the holding company. Previously, he was the representative director of the exchange’s parent company.

Kano has had a varied and extensive career, which has seen him work at Goldman Sachs on multiple occasions, BNP Paribas Securities (Japan), among other positions. He is also currently the Director of the Japan Blockchain Association.

Takafumi Komiyama, who is the current Chief Technology Officer (CTO) at bitFlyer Holdings, will help Kano lead the subsidiary as the director, alongside Midori Kanemitsu, who has also been appointed as a director.

Komiyama has also had a varied career. Some of the highlights include working for Goldman Sachs, Sony Interactive Entertainment LLC as well as hold numerous positions with the cryptocurrency exchange.