Launched in 2014, Liquid, the Japan-based fintech firm is claimed to be one of the few startups to have achieved unicorn status in less than five years of operation.
The latest round of funding is being led by IDG Capital, an investment firm, with participation from Bitmain Technologies, one of the largest makers of cryptocurrency mining rigs. IDG has previously invested in Coinbase, Ripple, Bitmain and Kakao’s crypto unit.
The financing is the latest round of investment for Bitmain in 2019 into a regulated digital asset trading platform, following its investment in ErisX, another derivatives and digital asset trading platform, aimed at becoming a licensed Commodity Futures Trading Commission-regulated futures market and clearinghouse.
Funding from the present round will be used to support global expansion, product development of core trading exchange business and entering into security token market.
Liquid CEO Mike Kayamori said: “As we enter into a new age of digital disruption in financial services, consumers are increasingly placing a higher value on digital assets and technologies they can trust and use with greater ease. Our vision is to make financial services accessible to all, which means bringing more people into the digital asset space so that anyone can be a part of it. This first round of Series C funding from our two highly respected investors, IDG Capital and Bitmain, puts us in an incredibly strong position to make a global impact in 2019.”
Previously Liquid raised more than $20m from venture capital firms, including Japanese investment firms JAFCO, SBI, B Dash Ventures, Mistletoe, and ULS Group.
In 2017, the cryptocurrency company raised over $100m in ICO raise, the first regulated ICO in Japan.
IDG Capital general partner Young Guo said: “IDG has been actively investing in the global crypto space since 2012, identifying some key players early. We came to realize that Tokyo has emerged as a top destination for crypto innovation and it is our honor to back such visionary pioneers as Liquid Co-founders Mike Kayamori and Mario Gomez Lozada to carry out this innovation.”
