Korea’s Kookmin Bank Partners With Coinplug to Develop a Blockchain Forex Application
Kookmin Bank, one of South Korea’s largest commercial banks and one of the four largest financial institutions in the country by asset value, has secured a partnership with Bitcoin wallet service and merchant payment solutions provider Coinplug to develop a blockchain-based foreign exchange business model. The bank will collaborate closely with Coinplug,....
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Signing such a memorandum of understanding is a big deal for Circle. Kookmin Bank is a member of the South Korean KP Financial Group, and serves over half of Korea’s population Circle is one of the Bitcoin companies on an aggressive international expansion right now. After obtaining their License in the UK not too long ago, the company now partnered with a Korean bank. Kookmin Bank is looking to partner up with British Fintech firms, particularly those focusing on blockchain technology development. The Fintech revolution is bringing banks and startups closer together than ever before.....
Woori Financial Group, one of the biggest financial conglomerates in South Korea, will offer crypto custody services. The bank will develop a joint venture effort with Coinplug, a blockchain-based developing company. This conglomerate signals the third bank entering the market in the country, after KB Kookmin Bank and Shinhan Bank. Woori Financial to Develop Joint Venture to Offer Custody Services Woori Financial Group, one of the biggest banks in South Korea, will soon offer cryptocurrency custody services. According to reports from Korea Economic Daily, Woori will establish a joint....
South Korea's KB Kookmin Bank is developing a blockchain solution for international remittances with the aim of ushering in “safer and faster” foreign exchange services. For the initiative, the commercial bank said it is partnering with local bitcoin startup Coinplug to utilise patents the firm holds in the field. In statements, KB Kookmin Bank explained that banks currently send overseas remittances via the SWIFT network, which sends payments via an intermediary before they arrive at the beneficiary institution. However, utilising blockchain technology avoids the intermediary, and could....
South Korean-based bitcoin services company Coinplug has reportedly raised $400,000, according to CoinDesk. The news comes from an announcement made this week, in which VC firm DFJ Partners contributed the capital along with investor Chol Hwan Kim. This investment is an addition to a $400,000 investment received last year in November. The company's own Richard Yun states that Coinplug is planning to use the funds to bring in more engineering folks to develop their payment products quicker. CoinDesk notes that Coinplug is also planning to release an English language version of their....
An increasing number of leading South Korean banks are establishing joint ventures with minor ownership to enter the crypto custody market while complying with local regulations. According to a July 11 report from The Korean Economic Daily, the group’s banking unit, Woori Woori Financial Group has become the latest major South Korean financial institution to announce it will launch digital asset custody services.Bank, is partnering with Bitcoin-based fintech solution firm, Coinplug, to establish a digital asset custody joint venture, dubbed D-Custody. Coinplug will be D-Custody’s largest....