Coinplug Raises an Additional $5 Million in Series B Funding

Coinplug secured an additional $5 million from its series B funding.

A few investment firms participated in the series B funding, where SBI Investment led this round of funding. In the series A funding, Coinplug raised around $3.3 million and with this latest round, its cumulative funding has reached $8.3 million.

Coinplug was founded by a group of Korean engineers, but also had contribution of people from Silicon Valley, USA. It mainly provides a range of Bitcoin platforms that facilitate Bitcoin exchange and wallet services. Coinplug also offers POS services to retail merchants who wish to accept Bitcoin from their online customers.

According to the Investment Director of SBI Investment, Joon Hyuk Park, the Coinplug team’s extensive background in business and the vast potential of blockchain technology to influence traditional financial services were the key consideration for his company to invest in Coinplug.

On the other hand, the Chief Executive Officer of Coinplug, Ryan Uhr, commented that this additional $5 million would be used to further develop his company’s Bitcoin services. “In the future, Coinplug is planning on presenting a global remittance service. Also, we will focus on developing an efficient and competitive blockchain platform and provide the platform for major banks in Korea.”

Coinplug recently won a competition concerning financial technology, where it offered a new blockchain based user verification and authentication service. One of the major Korean banking groups, JB Financial, sponsored the competition.

While Coinplug made no official comments on this subject, industry insiders in Korea think that Coinplug is discussing the potential use of their blockchain base authentication service along with their Bitcoin exchange and wallet services with a handful of Korean banks.

Since Coinplug has already patented the blockchain based authentication service, they have the leverage to use and sell their technology in the international market as well.

While the Bitcoin system was developed as released as open source, Coinplug is taking a more corporate approach to the blockchain technology as they would eventually want to put it in use for other industries outside finance. Regardless, the series B funding would provide Coinplug with the needed resources to keep focusing on developing new blockchain based technologies.