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:
KB Investment, one of the largest banking institutions in Korea
Mirae Asset Venture Investment, a listed subsidiary of investment bank
Securities broker Mirae Asset Daewoo
Private equity and VC firm Smilegate Investment
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:
Coinplug has so far filed 262 patent applications and received 98 granted patents, according to the statement.