Major Korean Banks Back Bitcoin Startup Coinplug’s $6.4 Million Round

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:

  1. KB Investment, one of the largest banking institutions in Korea

  2. Mirae Asset Venture Investment, a listed subsidiary of investment bank

  3. Securities broker Mirae Asset Daewoo

  4. Private equity and VC firm Smilegate Investment

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:

  1. Shinhan Bank

  2. Hyundai Card

  3. KB Card

  4. Kookmin Bank

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

  1. The Korea Internet Services Agency (KISA)

  2. Korea Post

  3. Busan City Blockchain De-regulatory Zone

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

Source: Coindesk.com | Image: cryptonewsz.com

#BlockchainStartup #coinplug #SouthKorea

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