Korean Bank Partners With Bitcoin Startup Circle

One of South Korea's largest banks has inked an agreement with the best funded startup working in the bitcoin space.

KB Kookmin announced the signing of a memorandum of understanding with bitcoin payments startup Circle, as well as local startup Coinplug, today. Coinplug, which is based in South Korea, was previously revealed to be working with the bank to develop a blockchain remittance prototype.

According to Business Korea, KB Koomkin has agreed to promote businesses in the blockchain space, while also signing a separate agreement to work on applications for mobile device certification.

The news comes roughly a month after Circle announced a $60m fundraise from a group of Chinese investors, a move that signaled the startup's push into the Asian digital currency market.

"We are excited to work with the top tech companies in London, a hub of the FinTech industry," a representative for the bank told the publication, adding:

"KB Kookmin Bank will strive to provide our customers with new experience by adopting cutting-edge technologies."

Disclosure: CoinDesk is a subsidiary of Digital Currency Group, which has an ownership stake in Circle.

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Stan Higgins

Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.