Japan's TechBureau Raises $6.5 Million for Bitcoin and Blockchain Services

A Japanese blockchain startup has reportedly raised $6.5m in a new Series A funding round.

AccessTimeIconMay 13, 2016 at 3:05 p.m. UTC
Updated Sep 11, 2021 at 12:16 p.m. UTC

A Japanese blockchain startup has raised ¥720m (or just over $6.5m) in a new Series A funding round.

TechBureau, which operates a bitcoin exchange called Zaif and a permissioned blockchain platform named Mijin, netted the investment from a group of investors. Participants in the round included Arara, a financial services firm; online information portal OKWAVE; VC firms Nippon Technology Venture Partners and Hiroshima Venture Capital; and FISCO, a corporate analysis firm.

The round also included an existing investor, Money Partners Group, a forex broker that invested in the startup last month.

According to the announcement, the startup will use the capital to hire additional employees. TechBureau also intends to develop blockchain applications in partnership with its investors.

TechBureau CEO Takao Asayama said that the funding follows a successful test conducted with Nomura Research Institute (NRI) and SBI Holdings, a Japanese firm that has made a number of investments in the country's digital currency and blockchain space in recent months.

Future plans, he said, include a merging of the Zaif and Mijin business lines, as well as expanding geographically.

Asayama told CoinDesk:

"We [aim to] start working on similar alliances outside of Japan, getting ready for the launch of distributions."

The investment comes amid a shifting landscape in Japan for bitcoin and blockchain. As the government looks to clarify its position on digital currencies – including a move to classify them as a form of "asset-like value" – some aspects of the administration have begun exploring applications of the technology as well.

Image via Mijin


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.