JAFCO Invests $15M in Blockchain Firm Tech Bureaubr>
JAFCO’s investment is part of Tech Burea’s Series B funding round in which it raised approximately 1.6 billion yen. The round also includes Infoteria Corporation’s $1 million investment. Combined with other investments, the latest money brings Tech Bureau’s total funding to $25 million.
Tech Bureau claims it will use the funding to develop and launch the first integrated initial coin offering (ICO) platform, COMSA. The project is an alleged one-stop solution for Japanese companies seeking ICO funding, providing expertise, consultation, and solutions helping them integrate blockchain technology into their business practices.
COMSA builds off Tech Bureau’s mijin blockchain (a NEM protocol blockchain) and Zaif bitcoin exchange platform. Following COMSA ICO white paper, four venture capitalists and one angel investor signed up for COMSA’s token sale. Additionally, 120,000 people have allegedly registered to participate in the COMSA ICO, which kicks off on October 2, 2017. The company anticipates four companies to launch ICOs of their own, while 30 companies are on a waiting list for deployment in 2018.
Tech Bureau also announced that it has founded Japan’s first ICO council to further expand ICO adoption and deployment. The council draws expertise from banks, stock companies, a foreign exchange margin trading company, an audit firm, two law firms, and over 15 technology companies. The council aims to introduce the ICO as a pragmatic fundraising method with guidelines to secure the success of both token sellers and buyers.
“The recent clamp down of ICOs in various jurisdictions is stifling the FinTech industry,” said Lon Wong, president of the NEM.io Foundation. “With a foresighted approach, Japan appears to be taking the lead in managing the growth of the cryptocurrency industry. Major venture capital companies are pouring in money, and the industry is well on its way to becoming a major economic force.”