Japanese venture capital major JAFCO has led a $20m Series A financing round for bitcoin trading platform Quoine.
The company, which was founded in 2014, said it planned to use the funds to ensure it becomes one of the first regulated exchanges in Japan when the rules come into effect in 2017.
A statement from the business said, “Our fundraising has come at a crucial time for the digital currency industry in Japan, as the Japanese government recently passed a bill that officially recognizes and regulates digital currency exchanges.
“This new law provides clear regulatory guidelines and a framework toward full legitimacy of digital currencies.”
Former Softbank senior vice president Mike Kayamori recently became CEO of Quoine, while Ken Mazzio also joined as head of compliance and information security.
He previously held senior roles at Merrill Lynch, Barclays and ANZ.
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