BitFlyer, a Japanese digital currency exchange, has announced the formation of an investment fund that will focus on backing domestic and international blockchain-related startups. The fund has been name the Blockchain Angel Fund, and it the first of its kind in Japan.

The Blockchain Angel Fund will be stocked-up with ¥50,000,000, which translates to approximately $421,000. According to the press release, Savira Inc., is the first company to receive seed funding from the Angel Fund.

The Osaka-based Savira, co-founded by Fuji Takashi, Hiro Shinohara and Ryugo Toshihiko, is currently developing a blockchain platform (Hublive) that will allow users to connect to their favorite mobile apps. The company is also working on SoulGem, an iOS app that will users to confirm their relationship statuses on the the bitcoin blockchain.

“If users make a new relationship, SoulGem will send Bitcoin each other to prove their relationship on blockchain.“

BitFlyer raised in excess of $1 million in funding last year from Barry Silbert’s Digital Currency Group and several other prominent venture capitalists.

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