BI Unveils Joint Blockchain Remittance Venture Together With South Korean Startup

BI Unveils Joint Blockchain Remittance Venture Together With South Korean Startup

South Korean Bitcoin services company Coinplug has announced a new joint remittance venture in collaboration with SBI FinTech Solutions, a Japan-based company primarily involved in the payment gateway (PG) venture.

Referred to as ‘SBI Cosmoney’, the new joint venture is predicted to start its remittance service this year 2017, according to the two firms. This venture will be partly backed up by a different remittance venture, SBI Remit. Coinplug is working together with SBI Fintech Solutions Co., a part of the broader SBI Group which has been actively involved with the blockchain area and already has made investments in many different blockchain companies.

Just last year, SBI joined up with the blockchain consortium headed by R3, a financial innovation company. That being said, SBI also took part in Coinplug’s $5 million Series B funding round last October 2015.

Ryan Uhr, Founder and CEO at Coinplug, said in an interview that the particular collaboration aims to “create an overseas remittance service that connects Korea to the world”. Founded in the year 2013, Coinplug offers many different Bitcoin exchange platforms including the Bitcoin exchange marketplace, digital wallet service, as well as online POS (Point-of-Sales) service.

In the announcement given by the company, the new venture will likely be partly supported by a separate remittance venture, called the SBI Remit, that has been operating since the year 2010. SBI said that the experience of that particular venture will be very helpful for the new venture.

In the past, Coinplug has already been working on a lot of blockchain-base remittance projects. In fact, in late 2015, CoinDesk reported that the particular start-up company was creating a prototype focused entirely on global payments along with KB Koomkin, one of the largest banks by both asset value and market capitalization in South Korea.

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