South Korea: $400K Invested into Coinplug Bitcoin Startup
Bitcoin startup service Coinplug, has announced earlier this week that it has gathered another $400,000 investment fund.
Bitcoin Startup Coinplug
The funding to the South Korean company comes from venture capitalist Tim Draper and his firm at Draper Fisher Jurvetson. Key Initiatives Technical Entrepreneur’s Chol Hwan Kim also had a hand in the investment.
This new investment comes after an initial investment of $400,000, funded by Silicon Valley investor SilverBlue in November 2013.
Coinplug is a bitcoin exchange that also develops wallet and merchant payment software. The bitcoin startup has been branching out in the bitcoin realm, as the company launched a two-way bitcoin ATM in Gangnum Seoul. The company teamed with Nautilus Hyosun, the largest bitcoin ATM manufacturer out of the US.
Richard Yun of Coinplug stated that the company will use the new funds to hire more engineers in order to further its bitcoin payment solution developments. There are also plans to release English versions of its software by the end of this month. He says:
“Also, the ATM is doing good. Many people are happy to visit, purchase and sell bitcoin. Because of our bitcoin ATM, people changed their bitcoin point of view, they can convert [digital currency] to fiat money instantly.”
Coinplug also says it will have more information regarding its bitcoin ATMs at another time, but for now, hopes to take its technology overseas.
Yun adds that Koreans are becoming involved with learning more about the digital currency, but negativity from media sources cause some to hesitate. He says the country’s feel towards bitcoin is best described as “neutral”.
Coinplug Looks to the Future
The sofware aspect of Coinplug looks to get involved into mobile gaming and the app market. The company has already released three new bitcoin apps on Android, which consists of a bitcoin wallet app, a trading app, and a POS system.
Yun and the Coinplug team see that bitcoin has a great deal of potential in the mobile gaming market. They hope to include online multi-player games, online payment solution and more.
Also, the company has added its own payment processing software for the majority of Korean businesses who welcome bitcoin. Coinplug promises a “financial institution-level of security”, and allows merchants to make transactions without using a payment processor.
The bitcoin startup is definitely reaching for the skies.
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