Japan-based virtual currency transaction and settlement services provider DeCurret raised ¥3.4bn ($31.5m) yesterday in a funding round backed by internet service provider Internet Initiative Japan.
Insurance providers Sumitomo Life, Daido Life and Meiji Yasuda Life also participated, as did telecommunications firms KDDI and Energia Communications.
Electric utility Chubu Electric Power, security system provider Always Security OK (AlsOK) and printing services provider Toppan Printing also contributed to the round alongside entertainment and videogame conglomerate Konami Holdings.
Railway stockholding company Hankyu Hanshin Holdings and brokerage Matsui Securities completed the investor line-up.
Founded in 2018, DeCurret launched its domestic cryptocurrency exchange in April this year in collaboration with e-commerce platform provider Rakuten. The two companies are the first crypto exchange operators to secure licences in Japan.
DeCurret’s platform handles digital currencies including Bitcoin, Litecoin and Ripple. It supports cash deposits and Japanese yen withdrawals through partner financial institutions, and its users can also send crypto funds to each other using a QR code.
The company plans to use the funding to strengthen its development strategy, setting up a new payment platform for digital currencies. It seeks to expand its virtual currency offerings to cover other types of digital currencies.
