US-based bitcoin exchange Kraken has raised an undisclosed amount of funding in a series B round led by SBI Investment, the venture capital arm of financial services firm SBI Holdings.
Described only as a “multi-million dollar” investment, the terms of the deal remain undisclosed.
The virtual currency exchange claims to have been responsible for more than $1.4bn transactions since it was launched in 2011, trading bitcoin and other digital assets for euros, US and Canadian dollars, Japanese yen and British pounds.
Kraken chief executive Jesse Powell said the funding would be used to scale its business worldwide and better meet an increasing demand for blockchain-enabled assets.
Kraken previously raised $5m in a 2014 series A round led by venture capital fund Hummingbird Ventures, with participation from investors including Blockchain Capital and Digital Currency Group.
The round follows Kraken’s acquisition last month of two other bitcoin exchanges, US-based Coinsetter and Canada-based Cavirtex, strengthening its presence in North America.