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The Japanese blockchain company – TechBureau, operator of one of the country’s largest cryptocurrency exchanges – Zaif, continues its money raising efforts with another third party allocation of shares as Series A round totaling JPY 670 million ($6.2 million).
According to the company announcement, the allottees include Japan’s financial services company arara, enterprise software company Infoteria, internet company OKWAVE, the venture capital companies Nippon Technology Venture Partners and Hiroshima Venture Capital, financial information provider FISCO and the Money Partners Group forex broker, which already announced its JPY 49 million investment.
Besides obtaining funding, TechBureau has also formed strategic business partnerships with those companies with the goal of promoting and developing bitcoin related services and blockchain technology. According to its announcement, TechBureau will use the new capital for improvement and expansion of Zaif exchange, research, development and testing for its blockchain technology mijin, open overseas offices, hire more staff, consolidate a framework for open-source project for mijin and launch of its paid-license and further promote Zaif and mijin.
TechBureau is a cryptocurrency technology company. It operates the Zaif cryptocurrency exchange, which in April set record bitcoin trading volumes and the blockchain technology mijin. The latter was launched in September 2015 with the goal to allow financial institutions to reduce infrastructure costs by up to 1000% by 2018. It is a platform that would let anyone set up a blockchain on a peer-to-peer network easily. The mijin blockchains can replace traditional databases used in creating point systems, payment services, online games, airline mile programs, logistics, insurance and financial systems.