The Singapore-incorporated bitcoin exchange Quoine announced it has raised $20 million in a series A funding round, led by the Japan’s largest venture capital firm JAFCO.
In its statement Quoine, which is based in Tokyo, with Japan being its main market, welcomed the funding and noted it is coming at a crucial time for the digital currency in the country. We remind you that recently the Japanese parliament passed a law regulating the licensing of local digital currency exchanges and providing the legal framework for legitimizing the digital currencies.
Against the background of the latest developments, Quoine said it will use the funding to become one of the first regulated cryptocurrency exchanges in Japan when the new law comes into effect in January next year.
Quoine was established in 2014 and in the same year received $2 million in angel funding. It offers trading in bitcoin, ether, JPY, USD, EUR, SGD, HKD, IDR, PHP, AUD, as well as in bitcoin futures on select markets.
Cryptocurrencies are particularly popular on the Asian markets and they are home to some of the largest cryptocurrency exchanges. Some of them, like Japan’s bitFlyer and Zaif, have attracted significant funding earlier this year and are planning further expansion.