BitFlyer Gets $1.1 Million in Funding, Looking to Expand beyond Japan

Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term exchange BitFlyer has secured another ¥130 million ($1.1 million) in funding. Combined with earlier rounds, it has thus far raised a total equal to nearly $3 million.

The funding was contributed by a pair of Japan-based venture capital firms, Recruit Strategic Partners and GMO Venture Partners, as well as Barry Silbert's Bitcoin Opportunity Corp.

The exchange was launched last year by former Goldman Sachs derivatives trader Yuzo Kano, who quit his job in a bid to fill the vacuum left in Japan by the collapse of MtGox.

At the time, Kano explained that while the collapse offered new opportunities, it also left a bad taste in people's mouths about Bitcoin. "If we have another fiasco like Mt. Gox Mt. Gox Mt. Gox is the name of a Japan-based cryptocurrency exchange that was infamously hacked for 850,000 BTC worth roughly $450 million at the time in February of 2014. During July 2010 Mt. Gox formally launched Mt. Gox launched its exchange and price quoting service. It was subsequently sold to French developer Mark Karpelès in early 2011.Prior to its hacking, Mt. Gox suffered from other security vulnerabilities as early as June 2011. On 19 June, 2011, a security breach of the exchange caused the no Mt. Gox is the name of a Japan-based cryptocurrency exchange that was infamously hacked for 850,000 BTC worth roughly $450 million at the time in February of 2014. During July 2010 Mt. Gox formally launched Mt. Gox launched its exchange and price quoting service. It was subsequently sold to French developer Mark Karpelès in early 2011.Prior to its hacking, Mt. Gox suffered from other security vulnerabilities as early as June 2011. On 19 June, 2011, a security breach of the exchange caused the no Read this Term, it’s game over. There needs to be monitoring to prevent that from happening," he said.

Indeed, the funding will go towards investing in security as well as expanding beyond Japan and growing the team.

Currently, the bid/ask spread on the exchange is ¥600 (2%).

For a detailed list of recent investment and M&A activity in the crypto industry, please visit the DC Magnates Crypto Deal Table.