BitFlyer sets up an angel fund with 50 million yen to invest in blockchain startups

Japanese bitcoin exchange BitFlyer has launched a new 50 million yen (about $421,000) venture fund aimed at investing in startups working on blockchain applications.

The fund, dubbed the “Blockchain Angel Fund,” will focus on seed-stage investments, Bitflyer said in a statement earlier this week.

The first to receive support from the fund is Savira, an app development startup based in Osaka, Japan. According to its website, Savira has developed a platform for connecting devices via blockchain, and is also developing a mobile app that allows users to post their relationship status to the Bitcoin blockchain.

BitFlyer founder and CEO Yuzo Kano told CoinDesk it will connect its portfolio startups with its network of investors and corporate entities in Japan, while providing its technical expertise to the teams.

BitFlyer received an investment of 510 million yen in August last year. Investors included Sumitomo Mitsui Insurance Company and Mitsubishi UFJ Financial Group. At that time, BitFlyer stated that it would use the funds to develop blockchain-related services. In December last year, it established the Blockchain Lab, a service dedicated to providing blockchain analysis, review, research, development of new features, and publishing research results.

Original article: http://www.coindesk.com/japan-bitcoin-exchange-blockchain-startup-fund/
By Stan Higgins
Translator: printemps
Editor: printemps
Source (translation): Babbitt Information (http://www.8btc.com/bitflyer-fund)