Major Korean Banks Back Bitcoin Startup Coinplug’s $6.4 Million Round
October 26, 2019
Major Korean Banks Back Bitcoin Startup Coinplug’s $6.4 Million Round
October 26, 2019

Coinplug, one of the earliest bitcoin exchanges in South Korea has raised 7.5 billion South Korean won, or $6.4 million, from the venture arms of major local financial institutions.

The startup said in a release that the funding came from:

Decentralized Identification

Coinplug said that it would focus on decentralized identification technologies, a section that has raised significant interest from the Korean government and, major banks in the country.

Coinplug operates a crypto exchange with a mobile wallet and bitcoin pre-paid card services available at the convenient stores in the country.

Coinplug works in a range of financial institutions including:

While being actively engaged with a number of government entities including:

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Coinplug has so far filed 262 patent applications and received 98 granted patents, according to the statement.

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