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Business

Japan cryptocurrency exchange plans Europe, Asia sales hubs

Flush with fresh capital, Tech Bureau casts gaze abroad

TOKYO -- Japanese virtual-currency exchange operator Tech Bureau will set up shop in Europe and Asia using fresh investment capital, aiming to sell products related to blockchain, the technology underpinning cryptocurrencies.

The Osaka-based company, which runs the cryptocurrency exchange Zaif, is flush with 1.6 billion yen ($14.6 million) from an investment partnership backed by Japanese systems developer Infoteria and venture capital firm Jafco.

To date, Tech Bureau's only overseas base was in the U.S. tech mecca of Silicon Valley. Besides establishing sales bases in Asia and Europe with an eye to global expansion, it will also channel its new funds toward expanding Zaif's infrastructure and services.

Tech Bureau aims to launch a service called Comsa in October. The service will offer support to companies making so-called initial coin offerings, or ICOs -- a sort of initial public offering in which funds are raised for a new cryptocurrency venture. The service has drawn attention, receiving 120,000 advance sign-ups from people the world over. Infoteria has injected small sums into Tech Bureau before, but decided to boost its investment based on the growth potential it sees in the ICO field.

(Nikkei)

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