Korean Bitcoin Startup Coinplug Raises $6.4m in Venture Round


South Korean bitcoin startup Coinplug has raised W7.5 billion ($6.4 million) in its venture funding round backed by the venture arms of the country's major financial institutions, according to a statement.

The Kyonggido-based bitcoin exchange provider said the funding came from KB Investment, the venture capital unit of KB Financial Group; Mirae Asset Venture Investment, a listed subsidiary of Mirae Asset Daewoo; and Smilegate Investment, a venture capital and private equity firm specialising in M&A, buyout, early, and mezzanine stages.

Mirae Asset Venture Investment previously participated in Coinplug's Series A funding round in 2014 while KB Investment backed the startup's Series B in 2015. The combined Series A and B rounds brought it a total of W15 billion won.

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