bitFlyer raises another $4 million in venture funding

bitFlyer, a Japan-based bitcoin exchange, has recently announced that it has raised $4 million in new funding as it gears up to improve bitcoin trading security for its customers and expand its global business. The company also raised $1.1 million in a funding round in January.

"Since our previous funding closed in January, bitFlyer has implemented many new services," said Yuzo Kano, CEO of Tokyo-based bitFlyer, in a statement, "including bitFlyer Lightning, a Bitcoin Exchange designed for professionals, chainFlyer, a website that provides a visualization of the blockchain, an Android application bitFlyer for Android, adFlyer, an advertisement service built on Bitcoin, and has introduced the latest in Bitcoin Multi-Sig security."

Dentsu Digital Holdings, Inc.; Mitsubishi UFJ Capital Co., Ltd.; Quised CK Corp.; Venture Labo Investment Co., Ltd. and Mitsui Sumitomo Insurance Venture Capital Co., Ltd. participated in the funding round.

Kano said the funds will be employed in various initiatives by the company.

"bitFlyer will use the latest funding round to build a more robust security environment for our customers to trade bitcoin, establish a firm management foundation with increased capital, and maintain a solid management system," Kano said, "In addition, bitFlyer will take advantage of synergies available with each investment organization, and will continue to promote customer base expansion, strengthen revenues, and expand our global business development."