Coinplug Raises $6.4M from Major Korean Banks

Coinplug, one of the oldest bitcoin exchange, wallet, and payment companies in South Korea, has secured 7.5 billion won, or about $6.4 million, from venture arms of major local financial institutions.

The startup stated in a release on October 24 that the funding originated from KB Investment, a venture capital unit of the KB Financial Group, one of the most prominent banking establishments in Korea; Mirae Asset Venture Investment, a publicly listed subsidiary of securities broker and investment bank Mirae Asset Daewoo; along with private equity and VC company Smilegate Investment.

With the new equity financing, Coinplug stated it would concentrate on decentralized ID advancements, an area that has drawn major interest from the Korean government and leading banks in the nation.

Established in 2013, Coinplug works a crypto exchange with a mobile wallet and bitcoin prepaid card administrations accessible at convenient stores in the nation. The new funding is portrayed as a Series B2 round and comes four years after it secured $5 million in the Series B round, additionally backed by Mirae Asset Venture Investment and KB Investment at the time.

One investor referenced Coinplug’s cooperation in Busan’s initiatives to turn into a significant blockchain center point as one reason for their investment in the financing, as per a local media report.

Coinplug works with a broad scope of financial organizations, including Shinhan Bank, Hyundai Card, KB Card, and KB Kookmin Bank, and is effectively drawn in various government entities, including the Korea Post and Korea Internet Services Agency (KISA), and with the Busan City Blockchain De-regulatory Zone.

At the time of writing, Coinplug has already filed 262 patent applications and got 98 awarded patents, as indicated by the announcement.