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Jack Dorsey’s Block Participates In Latest Funding Round For Japan’s Top Fintech Firm

Popular Japanese crypto wallet, Kyash, has announced the completion of its series d fundraising round and disclosed that it generated $41.3M from the funding round. Since its launch seven years ago, the company has generated nearly $110M through various fundraising rounds.

Investors From Across The World Participated In The Funding Round

Venture capitalists within and outside japan participated in this funding round. Some of the notable names that participated in this funding round include Jack Dorsey’s Square (now known as Block), America-based StepStone group, Greyhound Capital from the UK, Japan Post investment firm, and JAFCO group.

A recent Nikkei report disclosed that it is the first time Dorsey’s Block will invest in any Asia-based firm. Highlights from the post-fundraising announcement indicate that the funds will be used to enhance the company’s services, roll out new user-based products, and increase its workforce.

The company’s chief executive, Shinichi Takatori, revealed that it has recently struggled with its payment and settlement business. Hence, the need to expand its scope of services to make the business more sustainable. Therefore, “I hope that these funds will help the company’s expansion efforts. Also, I am happy to have Block on board; they’ve displayed exemplary leadership in the fintech space in and outside the US,” Takatori concluded.

More Reactions To The Fundraising Round

Another comment came from a top-level executive of Japan Post-Investment corporation, Taikuma Baba. He said, “Kyash can be considered a pioneer in the unbundling of the traditional Fintech space through its user-first principles and technology.”

Baba further said, “Kyash’s accomplishments in this space can be likened to what Revolut, Chime Robinhood, and Sofi accomplished in their respective sectors.” The cashless mobile app platform generated $46m in its previous fundraising round two years ago.

Dorsey Leads Block’s Crypto Moves

Dorsey continues to facilitate Block’s crypto moves after taking over as the company’s CEO. You’d recall that Square rebranded as Block last December, the same month Dorsey resumed duties as the CEO of the company and a month following his resignation as Twitter CEO.

One of the first moves by Dorsey was adding various BTC firms to Block’s asset portfolio. Block continues to run as a group of companies with Cashapp and Tidal (a music platform) as part of its subsidiaries.

Luno Offers Support For Crypto Startups

The same way Dorsey’s Block is expanding its BTC investment portfolio, Luno (an arm of the digital currency group) has launched its investment department (called Luno expeditions). Luno expeditions are tasked with providing financial and technical assistance for crypto-related startups, especially Web3-related crypto startups.

While the investment arm has already invested in nearly 21 crypto startups, it plans to invest in up to 300 crypto startups yearly. Luno’s workforce is almost one thousand, with a physical location in nearly all the world’s nations. The fast growth of the crypto sector has created the need for effective Fintech and crypto products as demand rises daily.

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