Japanese Bitcoin exchange Bitflyer receives investment from banking giant, with total financing exceeding $35 million

On February 15, Bitflyer, Japan's largest Bitcoin exchange by trading volume, announced a new round of financing.

According to a press release issued by Bitflyer today, the round of financing included financial companies such as Sumitomo Mitsui Banking Corporation, Mizuho Financial Group and Dai-ichi Life Insurance Company of Japan. According to Nikkei, the funds involved in this round of financing are about 200 million yen (about 1.76 million US dollars).

According to a statement from BitFlyer, the funding came after the company partnered with Sumitomo Mitsui Banking Corporation and Mizuho Financial Group on private blockchain solutions.

It is worth noting that this round of financing also comes at a time when BitFlyer is facing fierce competition. As BitFlyer mentioned in the announcement, in June, Japan's digital currency regulatory regulations will officially take effect, which will allow compliant companies to enter the Japanese Bitcoin and cryptocurrency market.

According to foreign media CoinDesk, many people in the blockchain industry believe that the law will open the door for existing financial companies to start providing such services.

However, BitFlyer is still expected to remain competitive in the market. To date, the company has received more than $35 million in financing, including 3 billion yen (about $27 million) led by SBI in its Series C financing.