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The Japanese cryptocurrency exchange Bitbank has announced the establishment of a subsidiary dedicated to investing in international blockchain companies.
The organization stated that the new division is called Bitbank Ventures. The exchange operator also indicated that this subsidiary would facilitate foreign enterprises in gaining a presence in Japan.
Japanese Crypto Exchange Aims for International Collaborations
According to the Japanese news source CoinPost and the new entity’s website, Bitbank mentioned that its new “wholly owned subsidiary” would “serve as a bridge to enhance and expand Japan’s cryptocurrency sector.” The company noted:
“We are open to blockchain-related initiatives, from pre-seed to Series A, both domestically and internationally.”
Numerous Japanese cryptocurrency exchange operators have initiated comparable ventures in recent months as they seek to broaden their influence.
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These include Bitbank’s competitor DMM and its DMM Coin and DMM Crypto divisions. bitFlyer, another prominent Japanese exchange, is also aiming to extend its operations in Europe and other international markets.
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Bitbank stated it would offer international startups and cryptocurrency initiatives “assistance in entering the Japanese market.” The firm asserted:
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“Bitbank has been functioning as a cryptoasset business in Japan since 2014 and is a frontrunner in the business and regulatory developments concerning cryptoassets in Japan. With our extensive network of domestic partners across business, media, government, accelerators, and more, Bitbank Ventures delivers strategic support for each involved project in their entry strategy for Japan.”
International Shift
Jun Kuwahara, the head of business development at Bitbank, was cited as saying:
“In the last three years, Bitbank has invested in initiatives such as Next Web Capital, an accelerator for Web 3.0 entrepreneurs, and the cryptocurrency project Oasys.”
Kuwahara further noted that “shifting” its emphasis to “corporate venture capital investments” would enable his company to make “quicker investment decisions and enhance our investment capabilities.”
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The firm added that it would concentrate on both layer 1 and layer 2 cryptocurrency projects and infrastructure. It also expressed interest in targeting AI, gaming, and web3 initiatives.
Japanese companies now seem to believe that the moment is opportune for pursuing international expansion, with the government appearing supportive of such endeavors.
Earlier this year, Keisuke Igarashi, the PR Manager at the bitFlyer CEO’s Office, informed Cryptonews.com:
“Alongside bitFlyer USA and bitFlyer Europe, we are advancing our cryptoasset exchange operations globally. bitFlyer is concentrating on growing its business not only in the cryptoasset exchange service but also in the web3 domain.”
The post Japanese Crypto Exchange Bitbank Launches Global Investment Subsidiary appeared first on Cryptonews.
