The largest cryptocurrency and blockchain company in Japan in terms of trading volume, bitFlyer conducted the allocation of new shares to third parties. The allottees are Venture Labo Investment and SBI Investment. Through the third-party allocation, bitFlyer raised 3 billion JPY. This amount is the largest scale among Japanese FinTech firms.

The purpose of this increase in capital is to further expand cryptocurrency-related services and accelerate the firm’s efforts towards blockchain realm. With this rasing fund, bitFlyer becomes the second largest operator of cryptocurrency exchange in the world and remains in the position of the largest Japanese operater in terms of capital as of April 26, 2016.

Trading volume at bitFlyer exceeded 13 billion JPY and the number of users was 150,000 as of April 26. The company considers large capital to be necessary to continue to provide stable and convenient service to the customers under severe competitive landscape in Japan.

The company says in the press release, it will actively work on new campaigns and services for development of cryptocurrency market. In addition, as Japanese Cabinet has approved a set of bills aimed at modernizing the Japanese payments industry and giving recognition to cryptocurrencies like bitcoin for having a “function similar to real money”, bitFlyer will continue to contribute the further growth of cryptocurrency market focusing on building secure trading environment as an industry leader.

(Source: bitFlyer )

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