New Economy Forum
A Japanese Crypto Startup Says It’s Hit a Rare $1 Billion Valuation
- Trading platform Liquid raises money from IDG and Bitmain
- Firm didn’t disclose amount raised in the new valuation round
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Liquid Group Inc., a Tokyo-based crypto-currency trading platform, put out a press release Wednesday that it had raised venture funds at a valuation in excess of $1 billion, making it one of the rare so-called unicorns in Japan.
The startup has secured funding from investors including venture fund IDG Capital and crypto mining giant Bitmain Technologies Ltd., it said in the statement, but in a somewhat unusual step didn’t disclose how much money it had taken in. Liquid has commitments for about $50 million, according to a person familiar with the matter, a relatively small amount for such a lofty valuation. Startup valuations are viewed skeptically if the amount of capital raised is less than 10 percent.