Tokyo listed forex firm Money Partners Group (MPG) has signed an agreement to invest in Payward, the company that operates the Kraken cryptocurrency exchange, according to a report by forex news site SMN Weekly.
According to the deal, MPG will at some point in April invest an undisclosed amount of funds in the cryptocurrency exchange’s Japanese subsidiary Payward Japan.
Kraken will use the funds to increase its exchange capital and expand its operations in Japan.
The original partnership agreement between the two companies was apparently established in July 2015. Under that agreement, MPG and Kraken planned to cooperate on a number of services that included bitcoin trading, bitcoin settlement, and bitcoin based derivative trading..
This is the second investment in Kraken this year from a Japanese financial firm. In February, the Japanese venture capital arm of SBI Bank said that it was leading a Series B round of financing for Kraken.