Korean Bank Partners With Bitcoin Startup Circle

Jul 27, 2016 at 6:00 p.m. UTC
Updated Sep 11, 2021 at 12:23 p.m. UTC

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.

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