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

Bitcoin 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 , 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.