Singapore Bitcoin exchange Quoine Closed a $20 Million Funding Round
QUOINE announced the successful completion of their Series A funding round, raising up to US$20 million, led by Japan’s largest venture capital firm, JAFCO. Its last financing round was a $2 million angel investor interest in December 2014. The most recent venture will see it move its central station to Tokyo from Singapore. The Singapore office will stay as an auxiliary.
Its raising support has come at a significant time for the computerized cash industry in Japan, as the Japanese government as of late passed a bill that authoritatively perceives and controls advanced coin trades. This new law gives clear administrative rules and a structure toward full authenticity of computerized monetary forms.
Mike Kayamori, CEO of Quoine, clarified that it would keep on maintaining an Asian center, given that Asia exchanging surpassed desires. This is a piece of a progression of speculations shut by Japanese bitcoin trades this year. bitFlyer shut a $27 million interest in April 2016 and Zaif brought $6.5 million up in May 2016. This example in financing, with expanding association in bitcoin venture by corporates, is intelligent of how all of 2015′s biggest blockchain and bitcoin bargains included corporates and strategics, with 2016 looking after this this pattern. This comes during a period when money related establishments and corporates are pondering the relationship amongst bitcoin and the blockchain.
Another key appointment has been Ken Mazzio, who joins QUOINE as Head of Compliance and Information Security. Having previously held senior roles at Merrill Lynch, Barclays and ANZ, Ken is well placed to assist QUOINE in navigating the challenging regulatory landscape in Japan.
Bitcoin is emphatically deflationary, given that the supply of bitcoins is limited and topped at 21 million bitcoins. Inflationary until this hard top, developing reception will see bitcoins save their worth with respect to fiat monetary standards, where increments in cash supply lead to swelling that debases them and declines their buying power.
Explaining on Japan’s venture space, Kaymori highlighted how online cash exchanging, store reliability point cards and portable amusement tokens were well known types of theoretical interest in Japan. At the point when combined with collapse and a social repugnance for putting resources into securities exchanges and finances, Japanese retail financial specialists tend towards putting resources into the forex markets.
“From a liquidity and volume perspective, I think Japan is going to be larger than China. When you look at retail FX, you don’t need any explanation. Japan’s retail FX liquidity already dwarfs any other country in the world,” said Kayamori.
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