Coinplug raises USD 0.4 mln half in Bitcoin, half in Fiat

Tuesday 26 November 2013 09:54 CET | News

Coinplug has raised USD 0.4 million from US-based fund SilverBlue, half the amount was in Bitcoin and the rest in fiat currency.

The company has revealed plans to launch a digital currency exchange, wallet and merchant platform in Korea in mid-December 2013.

According to SilverBlue`s managing director Richard Yun, cited by online media outlet Coindesk, Korea is a relatively undeveloped Bitcoin market so, if it makes its launch date, Coinplug will be the country’s first end-to-end platform, similar to Coinbase, providing everything from an exchange to wallet and merchant services. According to Yun, interest in Bitcoin in Korea is growing but the legal status of Bitcoin exchanges in Korea is ambiguous at the moment.

Bitcoin is a descentralised digital currency and payment network. The currency is controlled by cryptography rather than by any corporation or central bank. Created as an open-source software project, Bitcoin enables users to transfer funds instantly to any other Bitcoin account holder in the world.

Coinplug is a Korea-based Bitcoin start-up founded in June of 2013. Coinplug provides a Bitcoin exchange & wallet service and payment processor targeting Korea and other Asia market. Consumers and merchants can use the company’s services to accept virtual currency bitcoin.

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Keywords: Coinplug, Bitcoin, Fiat, SilverBlue
Categories: Payments & Commerce
Countries: World
This article is part of category

Payments & Commerce