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South Korean blockchain firm Coinplug has raised 7.5 billion won (~ $6.4 million) from venture arms of a number of Korean financial institutions, bringing the total funding to over $12 million to date.
The round, which Coinplug describes as Series B-2 round, drew support from Mirae Asset Venture Investment, a subsidiary of Mirae Asset Daewoo; Smilegate Investment; and KB Investment, a venture arm of the KB Financial Group.
The latest round follows a $5 million Series B-1 round in October 2015, which was backed by KB Investment. Mirae Asset Venture Investment is also an existing investor, having participated in Coinplug’s Series A round in 2014.
Founded in 2013, 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.
“We are one of the most experienced blockchain technology companies in the world. With the support of all of our investors and partners, we will continue demonstrating the value of blockchain technology and our company” said Ryan Uhr, Coinplug’s CEO.
Coinplug has been granted 98 blockchain patents to date. The company is actively involved in a number of government-backed projects including six major scale public and private sector projects. These include applications for Korea Postal Services, SKT mobile, Korea Internet Services Agency (KISA), Korea Southern Power Plant (KOSPO), and Busan City Blockchain De-regulatory Zone.
“We’ve been following Coinplug’s development and were impressed by its constant participation in multiple government projects as well as the network of partners it has,” said Director Park Duk-kyu of KB Investment.
