BitFlyer Raises $1.1 Million

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By Jacob Maslow

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Close Up 3D Illustration Of Paneled Golden Bitcoins

Bitcoin Opportunity Corp led BitFlyer’s fundraising round with a total of $1.1 million raised by the company. The company’s third round of funding since its launch in 2014 totals funding for the company at $2.93 million.

The company has plans to use the funding to expand its firm.

A statement released by the company mentions using capital to open overseas offices. Advertising is also mentioned as the company plans to boost profits further in 2015. Accelerated services and acquiring new talent is on the company’s agenda.

Following the company’s second round of funding, Yuzo Kano, the company’s CEO, hinted that expansion into Singapore is in the works. Investors should note that Singapore has an optimal regulatory environment for bitcoin.

BitFlyer operates a bitcoin exchange and earns revenue on buys and sells of bitcoin. The company has done well with leveraging its investor’s customers. GMO Internet Group, which also invested in the startup, opened its doors to 48,000 online merchants to BitFlyer.

The relationships that the company has made through fundraising is expected to help propel the company’s profits in 2015.

The company currently has 5 individual account tiers and 4 corporate tiers.

Security is a major concern for the company and investments will go towards further security measures. Currently, personal information must be verified with the company when opening an account.

There are three documents needed to verify a person’s account: driver’s license, passport or foreign resident card. Further documentation is needed in some cases to ensure the utmost in security when using the company’s platform.

BitFlyer is one of the many companies that are attempting to offer a secure bitcoin exchange. Coinbase opened its bitcoin exchange earlier this week.

BitFlyer investors show optimism that the company can bolster sales and expand its market share in 2015. With a cash infusion of $1.1 million to start the year, expect news of the company’s foreign expansion in the coming weeks.

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