South Korean Bitcoin Startup Coinplug Raises $400K Investment Fund.
Coinplug, a bitcoin startup services, has recently announced sometime this week that it had managed to secure a total amount of $400,000 investment fund.
The funding for the South Korean company was provided from venture capitalist Tim Draper and his firm known as Draper Fisher Jurveston. Other featuring participants where, Key Initiatives Technical Entrepreneur’s Chol Hwan Kim was also involved in this round of funding.
This new investment comes right after their previous initial investment of $400,000 funding acquired provided by Silicon Valley investor SilverBlue, during November 2013.
Coinplug is a bitcoin exchange that has developed its own wallet and merchant payment software, The bitcoin startup has begun to branch out further in the bitcoin market, as the company managed to launch a two-way bitcoin ATM in Gangnum Seoul. The company also partener up with Nautilus Hyosun, the largest bitcoin ATM manufacturer out of the US.
Coinplugs very own Richard Yun commented that the company would be using its newly gained funds to hire more engineers in order to grow its bitcoin payment solution developments. There are also plans in motion that will lead to them releasing an English version of its software near the end of this month. He went on to say:
“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 added that it will have more information regard its bitcoin ATMs sometime later, but at the moment, it has high hopes of spreading its technology oversea. Yun went on to say that Koreans are starting to involve themselves with learning more about the digital currency, but negativity from media sources have caused people to hesitate. The country’s feeling towards bitcoins can best be described as “neutral”
The software behind Coinplug seems to get involved into mobile gaming and the app market. The company has already release three new bitcoin application for the Android, which consist of a bitcoin wallet app, trading app, and a POS system. Yun and his Coinplug team are seeing bitcoin as great deal of potential in the mobile gaming market. The hope to include online multi-player games, along with an online payment solution and much more.
The company has also added its own payment processing software for the majority of Korean businesses who have welcomed bitcoin. Coinplug has promised a “financial institution-level of security”, and allow merchants to make transactions without the necessary use of payment processor.