Tokyo and Seoul-based digital asset manager Hyperithm has secured an undisclosed amount from Coinbase Ventures as a follow-on investment in a bridge round.

The round follows the firm’s $11m in a Series B funding round in August last year led by Hashed and Wemade Tree. Coinbase Ventures was also an investor in the round.

Commenting on the latest funding Coinbase Ventures vice president Shan Aggarwal said: “Since our participation in Hyperithm’s Series B round, we have witnessed their rapid growth.

“We are confident that Hyperithm and its exceptional team are well-positioned to continue this growth and will become a leading digital asset gateway for institutional investors in East Asia.”

Established in January 2018, Hyperithm provides digital asset management and execution brokerage dedicated to institutional investors and high-net-worth individuals, including family offices, companies, venture capitals, and crypto exchanges and miners.

In December last year, the firm secured a licence from the Korean Financial Intelligence Unit to continue its service in Korea.

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Recently, it also completed the notification as an operator of Specially Permitted Businesses for Qualified Institutional Investors to the Financial Services Agency in Japan.

Last month, Hyperithm hired ex Mirae Asset Global Investment managing director as CFO to strengthen its management team.

In 2019, the firm closed its Series A funding round, which was led by VIP Research & Management with participation from venture capital arms owned by Kakao and Naver.

Earlier this year, US-based premier digital asset platform Anchorage Digital raised $350m in a Series D funding round to augment its infrastructure solutions for financial firms and fintech innovators.