Japanese Bitcoin Exchange bitFlyer Creates ¥50 Mln Blockchain Angel Fund

bitFlyer, a bitcoin exchange and marketplace headquartered in Tokyo, has announced the formation of Blockchain Angel Fund earlier this week. The fund has an initial size of ¥50 million and aims to provide assistance with a focus on seed round initial funding, support of technology development including blockchain-related know-how, facilitate cooperation with major companies, overseas expansion and much more.

Yuzo Kano, founder and CEO of BitFlyer, told CoinDesk that it will aim to connect the startup companies it invests in with its network of investors and corporate entities in Japan, as well as providing technical expertise.

The exchange has raised more than $5 million in 2015 over two rounds, drawing funds from both domestic and international investment groups. The rounds were closed in January and August, CoinDesk reported.

Sivira, an app development startup company based in Osaka, is the first company to receive support from the newly created fund.  It is currently developing a platform for connecting devices via blockchain. According to the press release Sivira is developing a platform "hublive" to make easier the cooperative application of IoT devices and block chain.

It is also working on a mobile app that lets users post their relationship statuses to the bitcoin blockchain, CoinDesk reported.

“SoulGem writes relationship status to a blockchain. It uses one of the world biggest blockchain network, Bitcoin. Users can get a new Bitcoin wallet when they sign up, and get paid some small amount of Bitcoin from us to use the Bitcoin to save status”, Sivira website reads. “If users make a new relationship, SoulGem will send Bitcoin each other to prove their relationship on blockchain.”