Liquid.com, a Japan-based cryptocurrency platform, introduced the profitable closure of its Series C fundraising spherical, which noticed the corporate obtain a complete valuation of over US$1 billion — making it one among solely two tech unicorns within the nation’s startup business. It took Liquid lower than 5 years to attain this prized $1 billion title.
Series C funds will probably be used for the needs of world growth and product improvement.
Liquid’s Series C funding spherical was spearheaded by IDG Capital and Bitmain Technologies, one of many world’s largest (and most controversial) makers and customers of cryptocurrency mining rigs. The former firm is already invested in Coinbase, Ripple, Bitmain, and Kakao’s cryptocurrency firm, whereas the latter has not too long ago invested in ErisX, a derivatives-and-crypto asset trading platform with targets to achieve a license from the Commodity Futures Trading Commission.
Bitmain co-founder Jihan Wu, who not too long ago stepped down as CEO after a dismal 12 months, said through a press launch:
Japan is without doubt one of the main nations in placing crypto business below correct laws, and Liquid Group has confirmed itself to be the exemplary participant inside such compliant guidelines. This is a vital and distinctive moat amid international competitors.
Young Gao, General Partner of IDG Capital, likewise said:
IDG has been actively investing within the international crypto house since 2012, figuring out some key gamers early. We got here to appreciate that Tokyo has emerged as a prime vacation spot for crypto innovation and it’s our honor to again such visionary pioneers as Liquid Co-founders Mike Kayamori and Mario Gomez Lozada to hold out this innovation.
IDG Capital and Bitmain Technologies aren’t the one high-profile buyers to pump funds into Liquid. The firm has already raised greater than US$20 million from JAFCO, SBI, B Dash Ventures, Mistletoe, and ULS Group, following a greater than US$100m pre-discounted preliminary coin providing fundraising occasion — Japan’s first regulated initial coin offering.
Liquid CEO Mike Karamori was understandably stoked following the profitable fundraising spherical, stating:
As we enter into a brand new age of digital disruption in monetary providers, customers are more and more inserting a better worth on digital belongings and applied sciences they will belief and use with better ease. Our imaginative and prescient is to make monetary providers accessible to all, which suggests bringing extra individuals into the digital asset house in order that anybody may be part of it. This first spherical of Series C funding from our two extremely revered buyers, IDG Capital and Bitmain, places us in an extremely sturdy place to make a worldwide impression in 2019.
What do you consider Liquid’s standing as a tech unicorn after gaining main investments from Bitmain and IDG Capital? Let us know your ideas within the feedback beneath!
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