Banking Giant Mizuho Invests in Japan's Biggest Bitcoin Exchange

Japan's largest bitcoin exchange by volume has announced a new round of fundraising backed by three domestic financial giants.

Feb 14, 2017 at 12:25 p.m. UTC
Updated Sep 11, 2021 at 1:05 p.m. UTC

Japan's largest bitcoin exchange by volume has announced a new round of fundraising.

In a press release today, Tokyo-based Bitflyer revealed it had raised new capital from financial firms including Sumitomo Mitsui, Mizuho Financial Group and Dai-ichi Life Insurance Company. A report by Japan-based news source Nikkei indicated that the funding equalled roughly ¥200m ($1.76m).

According to statements from the startup, the fundraising follows BitFlyer's work with Sumitomo and Mizuho on private blockchain solutions aimed at providing the core infrastructure for enterprise use cases.

Notably, the funding also comes during what could be a period of increasing competition for the startup. As acknowledged in its release, legislation is slated to become law in June that would enable regulated firms to enter Japan's bitcoin and cryptocurrency markets.

, the move is expected by many in the blockchain industry to open the doors for existing financial firms to begin offering such services.

Still, BitFlyer is expected to be competitive in the market, boasting more than $35m in funding, the most recent of which was a $27m Series C.

Disclosure: CoinDesk is a subsidiary of Digital Currency Group, which has an ownership stake in BitFlyer.

BitFlyer image via Facebook

DISCLOSURE

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.