Japanese Tech Bureau Corp seeks to focus on cryptocurrency exchange Zaif creating a separate entity to run its software sales and blockchain business.
Japan-based Tech Bureau Corp, a blockchain and cryptocurrency-oriented company, announced that it would spin-off its software sales and blockchain solutions division into Tech Bureau Holdings. After the spin-off, the parent company will focus on its crypto exchange Zaif. Tech Bureau, which was founded four years ago, has also developed blockchain software Mijin and COMSA, a solution for companies to raise funds via initial coin offerings (ICOs) and asset tokenization.
“By establishing the new company, Tech Bureau Holdings, Corp., it shall enable Tech Bureau, Corp. to focus on its efforts more closely on the Zaif, Bitcoin and cryptocurrency exchange, which shall become a great opportunity to gain its corporate value by arranging to further improve the convenience of that business so that customers may continue to select it as their exchange of choice,” the company stated.
The new entity – Tech Bureau Holdings – will focus on Mijin, blockchain solutions, and sales businesses, including COMSA Core and COMSA Hub. The company’s other international branches – Tech Bureau North America and Tech Bureau Europe – will be run by Tech Bureau Holdings.
Zaif is one of Japan’s licensed cryptocurrency exchanges. It currently accounts for a quarter of the total trading volume of NEM, the 16th largest cryptocurrency on Coinmarketcap.
In February, Zaif experienced a glitch in the system that enabled customers to get free Bitcoins. Several users could buy Bitcoin for a zero-yen value for about 20 minutes. The error took place soon after a major hack of Coincheck, another Japanese crypto exchange. Zaif, Coincheck, and several other exchanges were then inspected by the local regulators.
As for Tech Bureau’s blockchain product Mijin, it uses NEM protocol and has several applications. Last year, Hitachi, which is also a founding member of the Hyperledger consortium, partnered with Tech Bureau to use Mijin for its point management solution “PointInfinity,” which has 150 million users.