South Korean startup Coinplug, which was one of the first in the country to offer brokerage and payment services, bitcoin exchange and wallet services, has raised ₩7.5 billion ($6.4 million) from venture arms of a number of Korean financial institutions, bringing the total funding to over $12 million to date.
As it became known, large venture companies took part in the financing round, such as divisions of the leading South Korean bank KB Financial Group, Mirae Asset Venture Investment, a subsidiary of investment bank and securities broker Mirae Asset Daewoo, as well as the private venture firm Smilegate Investment.
The company would be focusing on decentralized identification technologies, an area that has drawn significant interest from the Korean government and major banks in the country.
Coinplug is among the longest-running bitcoin exchange, wallet and payment processing services provider in South Korea. The company plans to use the fresh funding to further develop its decentralized identification technologies, with particular focus on its commercialization and expansion to overseas markets.
During the previous round of attracting investments four years ago, the company managed to raise $5 million with the support of Mirae Asset Venture Investment and KB Investment.
Coinplug cooperates with a large number of financial institutions, including Shinhan Bank, Hyundai Card, KB Card and KB Kookmin Bank, as well as with a number of government agencies.