In line with a recent news ‘published‘, Japan based cryptocurrency trading platform named ‘Liquid’ has hit unicorn status with the primary closing of Series C funding that puts the firm’s valuation at over $1 Bln.
Quoine – Liquid’ parent company is an international fintech company authorised by Japan’s FSA [Financial Services Agency].
The recent funding round and the new valuation makes Liquid the country’s 2nd unicorn within the tech startup arena – the other being AI firm preferred Networks, that is backed by Toyota, Fanuc, Hitachi along with others.
The first ending of the Liquid’ Series C has reportedly been followed by renowned American investment company named ‘IDG Capital’, with participation from leading ‘Chinese‘ cryptocurrency ‘mining‘ manufacturer Bitmain Technologies.
IDG has antecedently invested within other major crypto industry players along with Coinbase, Ripple, Kakao’s crypto unit and Bitmain itself. Bitmain’s participation reportedly marks its 2nd backing of a regulated digital assets trading platform – following its ‘contribution‘ to a Series B spherical for crypto and derivatives exchange dubbed ‘ErisX’ earlier in Nov. last year.
The representative director & head of Quoine’s chief operating officer named ‘Katsuya Konno’ stated that the new funding wont be employed to fuel international expansion growth, product development of the core trading exchange business and entrance into the security token market.
At the same time, Liquid’ unicorn valuation, the funding sealed within the Series C to date is comparatively small, amounting to $1 Bln yen [around $9 Mln].
Liquid had antecedently raised over $20 Mln from venture funding, including major Japanese investment corporations JAFCO, SBI, B Dash Ventures, Mistletoe along with ULS Group.
Earlier in 2017, Liquid had raised over $100 Mln in an FSA-regulated, pre-discounted ICO [Initial Coin Offering] raise.
As reported earlier, leading American cryptocurrency exchange named Coinbase became the industry’s primarily Unicorn, once it ‘raised‘ $100 Mln earlier in August 2017, implying an enterprise valuation of $1.6 Bln. More ‘reports‘ have steered the platform might have surged to a valuation of as high as $8 Bln in its fall last year funding negotiations with Tiger Global and others.