Bitcoin mining technology provider Bitmain Technologies has invested in Japan-based cryptocurrency trading platform Liquid through a series C round that reached its first close yesterday.
The first tranche was led by venture capital group IDG Capital and it valued Liquid, which had previously received more than $20m in funding, at more than $1bn. The company also raised more than $100m through an initial coin offering in 2017.
Founded in 2014, Liquid has developed a blockchain-powered online platform that allows individuals and institutions to trade digital currencies including Bitcoin and Ethereum, pairing them with fiat currencies.
The company also provides services that enable financial technology companies to build their products and services on distributed ledger technology. The series C capital will fund Liquid’s global expansion plans and its development of new products and services.
Liquid’s earlier investors include financial services firm SBI, IT services provider ULS Group, startup studio Mistletoe, investment firm Jafco and B Dash Ventures, a VC partnership formed by several Japan-based companies.
Jihan Wu, co-founder and former CEO of Bitmain, said: “Japan is one of the leading nations in putting crypto industry under proper regulations, and Liquid Group has proven itself to be the exemplary player within such compliant rules. This is a very important and unique moat amid global competition.”