On the 1st October, CoinPlug, a Fintech company specializing in blockchain technology using bitcoins, announced that it had secured US$4.2m (KRW 5b) in investments from domestic investors. Atinum Investment lead the investment along with other investors including KB Investment and SBI Investments.
Uh Jun Sun CoinPlug’s representative said, “This investment activity from local investors highlights the rising importance of blockchain technology”. He added the company was, “Delighted that CoinPlug has become the first blockchain specialist to secure investments from prominent financial institutions”.
Previous to this investment, CoinPlug secured a further US$2.1m (KRW 2.5b) form domestic investors in October. CoinPlug is Korea’s first Android and iOS released platform bitcoin electronic wallet, bitcoin ATM, KB Kumin Card’s joint product ‘Card Point - Bitcoin Transfer Service’ through this has become well known.
In June, CoinPlug took the top prize in JB Financial Group’s ‘Fintech Competition’ in the category for Bitcoin blockchain technology for foreign transfer service utilizing blockchain technology as a personal certification solution.
CoinPlug is a platform created for financial institutions and have developed the required blockchain technology to service the industry. This investment will be used to develop supporting technologies.