Japanese Bitcoin exchange bitFlyer receives 3 billion yen Series C funding led by SBI

Editor's note: Recently, the development of Bitcoin in Japan seems to have stepped out of the shadow of "Mentougou". Recently, Japanese Bitcoin exchange bitFlyer announced that it has received 3 billion yen (about 27 million US dollars) in Series C financing. This new investment also makes BitFlyer's total financing exceed 34 million US dollars, establishing its leading position in the Japanese market.

Japanese bitcoin exchange bitFlyer has raised 3 billion yen (about $27 million) in a round led by Venture Labo Investments and SBI Investment, the venture capital arm of financial services conglomerate SBI Group.

Last August, the exchange raised 510 million yen ($4 million) in a Series B round of funding from investors including Dentsu Digital Holdings, Mitsubishi UFJ Investment Co., Ltd., Sumitomo Mitsui Insurance Ventures Co., Ltd., and Venture Labo.

In an interview with CoinDesk, bitFlyer CEO Yuzo Kano noted that the funding will allow the exchange to double its 23-person team, which is currently based in Tokyo and Luxembourg.

Cano said the new funding comes as bitFlyer focuses on bitcoin trading and broader blockchain applications, telling CoinDesk:

“Investors value our technological advantages. We are almost the only company that has focused on virtual currency and blockchain from the beginning.”

Cano said bitFlyer’s banking investors are primarily interested in its work with blockchain technology, as well as what he called “various fintech-related resources.”

According to data provided by Coinmarketcap, the exchange's bitcoin trading volume in the past 24 hours was about $8.8 million, surpassing its Japanese competitors BTCBOX and Zaif.