Bitcoin trading platform Kraken receives Series B funding

In a press release today, Bitcoin trading platform Kraken announced that it has secured Series B funding from Tokyo-based foreign exchange broker Money Partners Group.

Money Partners Group has a market capitalization of over $260 million and is one of Japan’s leading foreign exchange brokers with a client network of over 270,000. The terms of the investment transaction between the two companies have not been announced.

In February, Kraken disclosed that it had signed a multi-million dollar “investment agreement” with SBI, a leading Japanese venture capital firm. Money Partners Group became the second Japanese firm to invest in Kraken’s Series B round.

Market returns for Bitcoin and Ethereum

In addition to its investment in Kraken, Money Partners Group also announced a business alliance with Kraken that will enable Money Partners Group’s network of 270,000 clients to use bitcoin trading and settlement services as well as blockchain derivatives trading services.

At the press conference, Taizen Okuyama, president and representative of the board of directors of Money Partners Group, said: “Bitcoin and blockchain technology will popularize the use of digital and digitized assets in the future world… The scale of Ethereum and Bitcoin development can no longer be ignored.”

He stressed that Bitcoin has a huge influence, especially Bitcoin and Ethereum.

After the media revealed the cooperation between Kraken and Money Partners Group, Kraken CEO Jesse Powell said:

“Our partnership with Money Partners Group will greatly increase global understanding and awareness of Bitcoin and Ethereum, and expand their use. The results of our collaboration will also demonstrate to other financial institutions that digital assets and blockchain technology have unlimited potential.”

Kraken, the same name as the sea monster in Norse mythology

In early January 2016, Kraken became one of the world's largest bitcoin trading platforms after acquiring North American bitcoin trading platforms Coinsetter and CavirtEx. By acquiring these two influential trading platforms, Kraken has rapidly expanded in North America and established a foothold in the United States and Canada.

Kraken disclosed that after the expansion of the North American market, the number of new account openings increased by 3 times compared to the fourth quarter of 2015

JPM compiled from,

OPP, Kraken Gains Series B Investment, Pushes Bitcoin Services & Ethereum in Japan.