Blockstream began collaborating with the Japanese Digital Garage Team

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It is advisable to blockchain development in Japan, a long-term technology partnership takes place after the company became interested in bitcoin and blockchain technologies in the local market, group CEO of Digital Garage, Kaoru Hayashi, said in a press release.

With the news, Blockstream also announced new investments from the DG Lab Fund - a collaboration between Digital Garage and Daiwa Securities Group. The funding brings the total value of Blockstream to more than $80 million, the release stated.

Also announced in the release, DG Lab, as well as Japanese intermediary mediator Tokyo Tanshi will cooperate with Blockstream to release of currencies using blockchain technology, as well as for entering the over-the-counter (OTC) cryptocurrency market.

In Japan, the enthusiasm for blockchain and cryptocurrencies is growing rapidly, and a number of companies and institutions have moved to explore options for using blockchain technology in various sectors.

Digital services company GMO Internet announced last month the "know your customer" (KYC) tool, which allows banks to check the identity of new customers. In addition, in October, the utility giant TEPCO revealed that it is studying technology to reduce the risks of excessively centralized energy sources, among other use cases.

A number of financial institutions, including the Bank of Yokohama and Mizuho Financial Group, are also testing blockchain as a technology to reduce the costs of money transfers.