South Korea based bitcoin services company Coinplug has raised a $5m Series B, led by SBI Investment. Coinplug has a number of existing partnerships including one with Seven Eleven allowing customers to purchase / retrieve Bitcoin over the counter in South Korea and one with Visa to offer a BTC backed debit card. The company plans to use the funds to continue to develop its remittance platform, as well as provide a blockchain infrastructure platform for Korean banks.
It’s an interesting company in terms of its range of services: on one hand given the volatility of Bitcoin markets there’s some justification for having services crossing various aspects of the growing market, but likewise the risk is that in doing so Coinplug may end up being the master of none. Including the new round, Coinplug has raised $8.3 million to-date. Previous investors include Mirae Asset Venture Investment, Bokwang Investment, Capstone Partners Korea, DSC Investment, Draper Fisher Jurvetson (DFJ), Key Initiatives Technical Entrepreneur and Silverblue.