TechBureau Inc, a Japanese blockchain solutions firm and operator of bitcoin exchange Zaif, has announced the successful completion of a ¥670 million ($6.2M) Series A funding round.
According to an SMN Weekly report, several venture capital, IT and finance firms have participated in the funding round; Japanese information technology and services company arara; software developer Infoteria; Japanese Q&A community platform OKWAVE; Hiroshima Venture Capital; Nippon Technology Venture Partners; financial support services provider FISCO; Japanese Forex company Money Partners Group.
In March of last year, Nippon Technology Venture Partners injected $835,000 into TechBureau’s Zaif bitcoin exchange, to get the venture started. Additionally, Money Partners Group revealed that it has invested ¥49 million into TechBureau in April, 2016.
As part of the funding round, TechBureau will also be collaborating with its investors on the development of various blockchain and bitcoin-related projects.
The release states that the new capital infusion will allow TechBureau to expands its domestic and international presence in the global blockchain industry, as well as focusing additional resources on developing the Zaif exchange and mijin – a permissioned blockchain network for use in accounting systems of financial institutions.
In April, 2016, Zaif announced record bitcoin trading volume in a 24h period, which totaled over 33,000 BTC.
TechBureau’s latest funding round comes at a time when many of Japan’s digital currency entrepreneurs are patiently awaiting a decision by The National Diet – Japan’s legislature – which will vote on key virtual currency legislation that may open up the space to major banks and financial firms.
Image credit: 1
If you liked this article follow us on Twitter @themerklenews and make sure to subscribe to our newsletter to receive the latest bitcoin and altcoin price analysis and the latest cryptocurrency news.