Japan virtual currency player gets $2.3m from VC backers
Orb, a Japanese start-up that has developed an authentication technology to facilitate the use of virtual currencies, has raised JPY274 million ($2.28 million) from a group of investors.
SBI Investment, an investment firm called United, and two strategic players - online marketing company Ceres and advertising services company Adways - have contributed capital, with Monex Ventures underwriting the deal, Orb said in a statement.
The company, previously known as Coinpass, describes itself as a business software platform-as-a-service (PaaS) specialist, providing decentralized cloud computing solutions on a subscription basis. Orb claims that its blockchain-based authentication technology is the fastest of its kind globally.
A blockchain is used to record bitcoin transactions. Every node or computer responsible for validating and relaying transactions has a copy of the blockchain and adds blocks to it in chronological order. Given the blockchain increases in length with each transaction, an increasing amount of download time and storage space is required.
Orb says its technology can process in five seconds a blockchain that would take 10 minutes to authenticate on a bitcoin system. The company has launched its own virtual currency - called Smartcoin - that will use the technology.
Japan is home to Mt. Gox, once the world's largest bitcoin trading platform. Last year, the company suspended trading and filed for bankruptcy protection. This followed alleged problems with hacking, concerns about solvency, and reports of missing or stolen bitcoins.
Other bitcoin exchanges in the country still have traction. Earlier this year, bitFlyer raised a JPY510 million from Mitsubishi UFJ Capital, corporate VC Dentsu Digital Holdings, Quick Corp, Mitsui Sumitomo Insurance Venture Capital, and Venture Labo Investment.
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