Share this article
Major Korean Banks Back Bitcoin Startup Coinplug's $6.4 Million Round
South Korean bitcoin exchange and wallet startup Coinplug has raised $6.4 million from venture arms of major local financial institutions.
Updated Dec 11, 2022, 1:57 p.m. Published Oct 25, 2019, 6:00 a.m.
Make us preferred on Google
Coinplug, one of the earliest bitcoin exchange, wallet and payment startups in South Korea, has raised 7.5 billion won, or $6.4 million, from venture arms of major local financial institutions.
The startup said in a release on Thursday the funding came from KB Investment, a VC unit of the KB Financial Group, one of the largest banking institutions in Korea; Mirae Asset Venture Investment, a listed subsidiary of investment bank and securities broker Mirae Asset Daewoo; as well as private equity and VC firm Smilegate Investment.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
With the new equity financing, Coinplug said it would be focusing on decentralized identification technologies, an area that has drawn significant interest from the Korean government and major banks in the country.
Founded in 2013, Coinplug operates a crypto exchange with a mobile wallet and bitcoin pre-paid card services available at convenient stores in the country. The new funding is described as a Series B2 round and comes four years after it raised $5 million in the Series B round, also backed by Mirae Asset Venture Investment and KB Investment at the time.
One investor mentioned Coinplug's participation in Busan's efforts to become a major blockchain hub as one of the reasons for their participation in the financing, according to a CoinDesk Korea report.
Coinplug works with a wide rangehttps://coinplug.com/en/coinplug of financial institutions, including Shinhan Bank, Hyundai Card, KB Card and KB Kookmin Bank, and is actively engaged with a number of government entities, including the Korea Internet Services Agency (KISA) and Korea Post, and with the Busan City Blockchain De-regulatory Zone.
Coinplug has so far filed 262 patent applications and received 98 granted patents, according to the statement.
Korean won banknote image via Shutterstock
More For You
KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
More For You
Here’s why bitcoin’s is failing its role as a 'safe haven' versus gold
Bitcoin behaves more like an "ATM" during uncertain times, with investors quickly selling it to raise cash.
What to know:
- During recent geopolitical tensions, Bitcoin lost 6.6% of its value, while gold rose 8.6%, demonstrating bitcoin's vulnerability in times of market stress.
- Bitcoin behaves more like an "ATM" during uncertain times, with investors quickly selling it to raise cash, contrary to its reputation as a stable digital asset.
- Gold remains the preferred hedge for short-term risks, while bitcoin is better suited for long-term monetary and geopolitical uncertainties that unfold over years.
Top Stories
