Japanese crypto exchange Liquid has reportedly surpassed the $1 billion valuation mark following its Series C funding round, the company announced in a press release. Investment firm IDG Capital led the funding round, alongside fellow existing investor, mining giant Bitmain. For now, the company has not disclosed how much it raised in this round (or the exact valuation), but told TechCrunch it hopes to draw in more "mainstream" investors in the next phase.
The company said the new funds would help fuel their expansion across Asia and build new products, including "entering  the security token market."
It is currently the 60th largest exchange according to CoinMarketCap, but its focus on compliance and regulation puts it ahead of other competitors, according to Bitmain Co-founder Jihan Wu. Indeed, the exchange received an official license from the Japan Financial Services Agency in 2017 - a notoriously rigorous regulator.
"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,” said Liquid CEO Mike Kayamori. “Our vision is to make financial services accessible to all."
The company has around 340 staff across its offices.