K Cube Ventures, an early stage investment firm in Seoul, announced today that they have invested about $200K in Bitcoin startup ‘Devign Lab’. Devign Lab has developed a bitcoin market called Coinone.
Devign Lab claims to be the first web based home trading system (HTS) in South Korea and aims to provide up to date bidding/contract information for users. Their one click payment system ‘Coinpay’ provides payment services with a 0% transaction fee. Their mobile application is currently in development and is planned to be released in the near future.
Devign Lab will join a thriving bitcoin landscape in Seoul, whose key players remain Korbit and Coinplug. According to Tony Lyu, CEO of Korbit, there is a huge opportunity for bitcoin in Korea on account of Korean's acceptability of online payments and virtual currencies.
Coinone enables both amateur and professional bitcoin users to transact bitcoin easily through a tailored UI (User Interface) with a 0% transaction fee. Coinone’s key differentiator from other services will be its professional transaction system. With the fluctuation of bitcoin prices, the need for a professional grade UI have emerged and Coineone aims to satisfy these users. they have implemented the first web-based HTS in South Korea, designed to provide up to date bidding/contract information for convenient purchase of Bitcoin.
Coinone is a cross-platform, multi-device solution, the first of its kind in Korea.
As well as stabilizing their current service, the startup plans to develop a one-click payment service ‘Coinpay' as well as developing their own mobile application. Other projects are also planned.
The company has deep technology heritage and consists of POSTECH (Top 9 Asian University) Computer Science graduates. CEO Myung Hun Cha was also awarded 3rd place in the world’s largest hacking competition Defcon. “We will present a bitcoin service which will reduce cost and will innovate in the online payments ecosystem” he said.
Jimmy Rim, Founder & CEO of K Cube Ventures said of his most recent investment: “Bitcoin solves the problem that micro payment system encountered previously and effectively reduces the financial cost. Therefore, we can say it is a field of opportunities”. He also mentioned that “With our investment, we expect Devign Lab to continue to bring innovation to Bitcoin market as they have deep knowledge in IT environment. We believe Devign Lab has an ability to do it”.
Cha will be attending ‘Inside Bitcoins’, as a keynote speaker to explain the security systems of bitcoin exchanges. The conference will be held on the 12th of December at KINTEX.