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Business

Leading Japanese bitcoin exchange raises $27m

TOKYO -- Top Japanese bitcoin exchange operator bitFlyer has raised around 3 billion yen ($27 million) in new capital, one of the largest procurements by a financial technology company in this country.

     The fresh capital will go toward tasks such as research and development of blockchain technology, the base on which virtual currencies are built. Shares were issued Monday via third-party allotment to investors including funds run by Tokyo-based Venture Labo Investment and SBI Investment. BitFlyer's capital now totals nearly 3.9 billion yen.

     The exchange has served more than 150,000 users in April, 10 times the year-earlier level. Japan proposed legislation in March regulating virtual currencies, setting rules to protect domestic users. BitFlyer plans to open an e-commerce service accepting bitcoin in light of its growing user base.

(Nikkei)

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