(The Bridge) – Tokyo-based BitFlyer, the company behind a Japanese bitcoin exchange, announced this week that it has secured about $27 million (3 billion yen) from Venture Labo Investment, SBI Investment, and others.
Companies which have participated in this startup’s previous rounds include Recruit Strategic Partners, Quick (financial news provider), Mitsubishi UFJ Capital, Mitsui Sumitomo Insurance Venture Capital, Dentsu Digital Holdings, Incubate Fund, East Ventures, Digital Currency Group and GMO Venture Partners. The latest funding means that the company’s capital adds up to 3.89 billion yen ($34.9 million) — the second largest among all bitcoin exchange companies around the world according to Coindesk.
The company plans to use the funds to strengthen human resources and expand the service overseas, while shoring up its domestic position. As part of these efforts, they have set up a subsidiary in Luxembourg to better cater to the European market. The Tokyo firm recently launched a bitcoin-based payment gateway for e-commerce sites; this follows their launch of a marketplace for investors dealing with Ethereum-based cryptocurrency Ether.
BitFlyer was founded in January of 2014 by former Goldman Sachs trader Yuzo Kano. The company is a startup but has