Bitcoin exchange Kraken receives multimillion-dollar investment led by SBI Investments

Japanese venture capital firm SBI Investments has participated in a new round of funding for Bitcoin exchange Kraken’s Series B. Although the specific amount of the investment has not been disclosed, Kraken revealed that it has reached an investment agreement with SBI for “millions of dollars.” Kraken did not specify when the Series B financing will be completed.

Kraken CEO Jesse Powell said:

“This (SBI’s participation) is a significant step towards completing our Series B financing and will further our goal of expanding our business globally.”

SBI Investment is the investment arm of SBI Holdings, which reportedly had revenues of $2 billion in 2015. SBI Holdings also recently announced that it has partnered with Ripple to form a new company, SBI Ripple Asia, focused on the Asian market.

Kraken also recently announced the acquisition of New York Bitcoin exchange Coinsetter, and its service scope will include 37 states in the United States and 10 provinces in Canada. Coinsetter acquired Canadian Bitcoin trading platform CAVirtex in April last year, which is equivalent to the merger of three institutions.

In March 2014, Kraken completed its Series A funding round with $5 million in investment led by Hummingbird Ventures.

Original article: http://www.coindesk.com/japanese-financial-giant-invests-in-bitcoin-exchange-kraken/
By Daniel Palmer
Translator: printemps
Editor: printemps
Source (translation): Babbitt Information (http://www.8btc.com/kraken-sbi)