South Korean bitcoin services company Coinplug has closed a $5m Series B funding round.

The company drew support from firms including SBI Investment raising its cumulative funding to date to $8.3m.

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Joon Hyuk Park, investment director at SBI, told CoinDesk blockchain technology's potential to change legacy financial services, coupled with the team's business background and their execution capabilities had influenced his firm's decision to invest.

Ryan Uhr, Coinplug's CEO, said the funding will be used to "ramp up development of its blockchain-based services", adding:

"In the future, Coinplug is planning on presenting a global remittance service. Also, we will focus on developing an efficient and competitive blockchain platform ... and provide the platform for major banks in Korea."

The company, which also operates a bitcoin exchange and provides bitcoin wallets, is discussing various blockchain strategies with several banks.

Chief among these is Coinplug's new blockchain-based authentication service for which the company won 50m KRW ($45,500) at a FinTech competition, which was held in June this year and sponsored by major banking group JB Financial.

A statement issued by the company said Coinplug held patents for this kind of technology as well as a number of other blockchain systems, which it plans to sell internationally.

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Coinplug's CEO concluded: "The reason we applied for patents in the first place is that we want to present our recently developed and developing blockchain-based technological services to other industries. Also, we wish that blockchain technology would become more widely used and accepted in Korea."

Dollar image via Shutterstock.

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CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.