Coinplug Wins $45,000 Prize for Blockchain ID Service
Bitcoin services company Coinplug has snatched the top prize in a financial technology competition sponsored by major banking group JB Financial Group. Over 100 companies vied for a total prize pool of 130m Korean won ($116,200) at the FinTech Frontiers Fair held in Seoul, South Korea. JB Financial Group is a financial services company with over 35.5 trillion Korean won ($32.3bn) in assets and 3,300 employees. It is one of the leading innovators of financial technology in East Asia. Coinplug's winning entry, which scored 50m KRW ($45,500), was a system utilizing the bitcoin blockchain to....
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South Korea’s largest credit card company is set to use a blockchain identity solution developed by local bitcoin startup Coinplug. The service will be based on what Coinplug calls FidoChain, a “private blockchain technology” aimed at providing a distributed means of verifying and maintaining digital identities. KB Koomkin Card, a subsidiary of KB Koomkin Bank, plans to complete its integration by the end of this year. The startup has been working in the area of digital identity for some time, netting a $45,000 prize last year after submitting a prototype system based on the concept to a....
South Korean bitcoin services company Coinplug has closed a $5m Series B funding round. The company drew support from firms including SBI Investment raising its cumulative funding to date to $8.3m. Joon Hyuk Park, investment director at SBI, told CoinDesk blockchain technology's potential to change legacy financial services, coupled with the team's business background and their execution capabilities had influenced his firm's decision to invest. Ryan Uhr, Coinplug's CEO, said the funding will be used to "ramp up development of its blockchain-based services", adding: "In the future,....
Coinplug has raised $400,000 half in fiat half in Bitcoin. Coinplug plans to be just like Coinbase except for the Korean market. The ease and security of Coinbase is one of the factors that led the price run up in the first half of 2013. For the first time, Americans were able to buy and sell Bitcoins with the same ease that they bought and sold things using Paypal. Orders placed on Coinbase were placed directly on Mt. Gox at the time and more buys than sells generally meant that the price was going up. Coinplug seeks to provide this service to Koreans, a notoriously technologically....
Popular bitcoin buying/selling house (and wallet service) Coinbase has launched BitHack, an online hackathon that is open to "developers who want to create something great with bitcoin." In order for developers to get involved, they must sign up to Coinbase, register to BitHack, and get their projects going. Applications must be submitted by 11:59 pm PST on the 16th of March - and three prizes will be awarded to the best apps, judged by BitHack/Coinbase. First prize wins $10,000 worth of bitcoin, 2nd prize wins $5,000 worth of bitcoin, and third place wins a reasonable $3,000 worth of....
South Korean bitcoin services company Coinplug has enabled bitcoin purchases with credit cards through over 7,000 regular cashpoint ATMs across the country. As well as being the first to sell bitcoins through ATMs not specifically designed for that purpose, it will be the first credit card to bitcoin service in the country. The move, which allows customers to pay for Coinplug's prepaid okBitcard service, will make bitcoin available in many of South Korea's highest-traffic locations, including subway stations, convenience stores and busy city streets. Building infrastructure. The new....