The service will be based on what Coinplug calls FidoChain, a “private blockchain technology” that aims to provide a distributed means of verifying and maintaining digital identities. Following additional development, the startup is pushing ahead with what it calls the “Coinplug Identification System”, or CIS. KB Koomkin wants to integrate the tool into its credit card onboarding services. The Korean credit card company plans to complete its integration by the end of 2016.
Coinplug has been working in the area of digital identity for some time, netting a USD 45,000 prize in 2015 after submitting a prototype system based on the concept to a competition held by JB Financial Group, according to CoinDesk.
In addition to its enterprise blockchain projects, Coinplug operates a Bitcoin exchange service. The tech, launched in September 2016, comes just under a year after Coinplug raised USD 5m in a Series B funding round. The startup has raised more than USD 8m to date, the site continues.
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