The CEO of Asian bitcoin exchange Quoine says the region will dominate the bitcoin landscape over the coming years, as his company completes a funding deal worth $20 million USD.
Also read: Japan Could Come to Dominate the Bitcoin Landscape
Quoine’s new investment comes from VCs and other “strategic investors.” There has been a flurry of investment announcements from Japanese bitcoin exchanges this year, with bitFlyer sealing a $27 million deal in April and Zaif raising $6.5 million in May.
Asian Whales Coming on Board
Mike Kayamori, who recently took over as Quoine CEO, told Bitcoin.com his company would continue to focus mainly on Asian business, describing the level of trading activity there as beyond expectations.
“Our Indonesian volume is on fire. On any given day, sometimes the Indonesian volume exceeds that of Japan. There’s a lot of demand.”
Indonesia is home to a surprising amount of bitcoin mining activity, with operators looking to liquidate their new coins immediately. Across the region, there are also promising signs for bitcoin in remittances, money transfers, and in ties to existing (fiat currency) online brokerages.
Quoine, which historically did most of its trade in Japan, now sees about 45 percent of its total volume coming from other parts