Tokyo-based blockchain company bitFlyer announced that it has allocated new shares to third parties including Sumitomo Mitsui Banking Corporation Group, Mizuho Financial Group, and Dai-ichi Life Insurance Company for the purpose of fundraising.

With the newly raised funds from Japan’s top financial institutions, bitFlyer intends to build up its financial base as well as accelerate their efforts in establishing itself in the bitcoin and blockchain space through a strategic partnership with these firms.

The blockchain company aims to develop and design core systems that make use of blockchain technology for more industries in the future to realize their management. bitFlyer has provided the technology for viability test run by Sumitomo Mitsui Banking Corporation and Mizuho Financial Group. It also announced own original blockchain ‘miyabi’ that is based on the technology.

bitFlyer hopes to create a safe and secure environment for traders and customers in order to trade digital currencies and contribute to the growth of the market. The company considers 2017 to be ‘the first year for virtual currency.’

bitFlyer has also worked diligently on systems placing an emphasis on security and financial stability and the utmost important issues affecting the virtual currency market in Japan.