Coinplug Banks $6.4 Million for Blockchain Identification Ambitions

South Korea's Coinplug, backed by local banks, secures $6.4 million for blockchain identification ambitions. KB Investment, Mirae Asset Venture Investment, and Smilegate Investment support Series B2 round, focusing on decentralized identification technologies. Coinplug's strategic move aligns with Korean government and banks' keen interest in this space.

Coinplug Banks $6.4 Million: Blockchain Identification Ambitions?

South Korea's Coinplug, an early bitcoin exchange and wallet provider, has secured a $6.4 million funding boost from the venture capital arms of leading local financial institutions.

Who's Investing?

KB Investment, Mirae Asset Venture Investment, and Smilegate Investment are the backers of this Series B2 round. Notably, Mirae Asset and KB Investment also participated in Coinplug's Series B round four years ago.

What's the Plan?

Coinplug intends to allocate the fresh funds to bolster its decentralized identification (DID) technologies. This move aligns with the Korean government and banks' keen interest in the space.

Blockchain Hub Aspirations?

Coinplug's involvement in Busan's bid to become a blockchain hub reportedly played a role in attracting investors, as per CoinDesk Korea.

Industry Collaborations

Coinplug has established partnerships with a host of financial institutions, including Shinhan Bank, Hyundai Card, KB Card, and KB Kookmin Bank. Additionally, the company actively engages with government entities like KISA, Korea Post, and Busan's De-regulatory Zone.

Intellectual Property Prowess

Coinplug boasts an impressive patent portfolio, with 262 applications filed and 98 granted patents to date.

South Korea's Blockchain Embrace

This investment underscores South Korea's growing embrace of blockchain technology. The Korean Credit Card Giant is also integrating blockchain identity services, while a Korean bank has partnered with bitcoin startup Circle.

Central Bank's Blockchain Oversight

Amidst this blockchain surge, the Korea's Central Bank is considering establishing a "supernode" for blockchain oversight, signaling a proactive approach to regulating the space.