(Seoul, South Korea — Oct. 24, 2019) Coinplug raised 7.5 billion Korean Won (approximately USD $6.4 million at the time of writing) in a Series B-2 round funding. The investors taking part in this round were Mirae Asset Venture Investment, Smilegate Investment and KB Investment, some of the most influential venture capital firms in South Korea. With this investment the company’s total funding to date is over $12 Million.
This is not the first time these firms invested in Coinplug. Mirae Asset Venture Investment put money into the company back in 2014 for series A and KB Investment did the same in 2015 for series B-1 round.
Coinplug received the investors’ trust once again due to the quality of its 262 blockchain patent applications and 98 granted patents. Owning this many blockchain patents in areas like Identity/Authentication, Crypto/Payment, Finance/Asset, and Document/Content allows the company to apply its expertise and technology to develop solutions and commercialized services, increasing the potential to make the company’s solutions into an actual business model.
Hoongon Nam, Team Leader of Smilegate Investment said “We were impressed by the quality and quantity of Coinplug’s patent portfolio in blockchain technology, but the main reason we decided to invest is the company’s capacity and experience in the development of DID and its potential applications in various fields, including the gaming industry in which our parent company originated.”
Another reason Coinplug caught the attention of the investors is its aggressive participation in government-backed projects including six major scale public and private sector projects. These include applications for Korea Postal Services, SKT mobile, Korea Internet Services Agency (KISA), Korea Southern Power Plant (KOSPO), and Busan City Blockchain De-regulatory Zone.
“We’ve been following Coinplug’s development and were impressed by its constant participation in multiple government projects as well as the network of partners it has” said Director Park Duk-kyu of KB Investment.
Coinplug, who has been working on developing different blockchain-based solutions, has also announced its decision to focus on the development of Decentralized Identity (DID) related solutions and services. The company will use the investment to further develop DID for its commercialization and expansion to markets outside of South Korea.
“We are one of the most experienced blockchain technology companies in the world. With the support of all of our investors and partners, we will continue demonstrating the value of blockchain technology and our company” said Ryan Uhr, Coinplug’s CEO.