The Japanese crypto exchange Bitbank says it has launched a subsidiary that will focus on investing in overseas blockchain firms.
The company said the new business arm is named Bitbank Ventures. The exchange operator also said the new subsidiary would let foreign businesses establish a foothold in Japan.
Japanese Crypto Exchange Targets Overseas Partnerships
Per the Japanese media outlet CoinPost and the new firm’s website, Bitbank said its new “wholly owned subsidiary” would “act as a bridge to develop and deepen Japan’s cryptocurrency business.” The company wrote:
“We welcome blockchain-related projects, ranging from pre-seed to Series A, from both Japan and overseas.”
Several Japanese crypto exchange operators have launched similar operations in recent months, as they look to expand their reach.
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These include the Bitbank rival DMM and its DMM Coin and DMM Crypto arms. bitFlyer, another leading Japanese exchange, is also hoping to expand its reach in Europe and other overseas locations.
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Bitbank said it would provide overseas startups and crypto projects with “support for entering the Japanese market.” The firm claimed:
“Bitbank has been operating as a cryptoasset business in Japan since 2014 and is a leader in the business and regulatory trends related to cryptoassets in Japan. With our vast network of domestic partners in business, media, government, accelerators, and more, Bitbank Ventures provides strategic support for each vested project in their entry plan for Japan.”
Overseas Pivot
Jun Kuwahara, the head of business development at Bitbank, was quoted as explaining:
“Over the past three years, BitBank has invested in projects such as Next Web Capital, an accelerator for Web 3.0 entrepreneurs, and the cryptocurrency project Oasys.”
Kuwahara added that “shifting” its focus to “corporate venture capital investments” would let his company make “faster investment decisions and strengthen our investment functions.”
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The firm added that it would focus on both layer 1 and layer 2 crypto projects and infrastructure. It also said it wants to target AI, games, and web3 projects.
Japanese firms now appear to believe that the time is right to explore overseas expansion, with the government seemingly keen to let them do so.
Earlier this year, Keisuke Igarashi, the PR Manager at the bitFlyer CEO’s Office, told Cryptonews.com:
“Together with bitFlyer USA and bitFlyer Europe, we are developing our cryptoasset exchange business globally. bitFlyer is focusing on expanding its business not only in the cryptoasset exchange service but also in the web3 sector.”
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