Bitcoin Startup Circle Establish Key Partnership With Major South Korean Bank

in #bitcoin8 years ago

KB Kookmin Bank, one of the  biggest South Korean financial entities, announced the establishment of  an alliance to promote financial operations tied to blockchain and  mobile technologies. The South Korean financial institution unveiled  a memorandum of understandings (MOU) with Bitcoin startups Circle and  Coinplug –to work on Blockchain applications–. The agreement also covers  a partnership with Trustonic, a company focused on developing mobile  technology solutions.  A representative from KB Kookmin Bank stated: 

We are excited to work with the top tech companies in London, a hub of the fintech industry.

KB Kookmin plans to promote several  financial ventures regarding Blockchain technology, while also  developing mobile certification services. The Bank’s interest in  Blockchain technology started when it announced in February its plans to  develop a Blockchain platform to carry out international financial  operations (transference of value and remittance services). With over 29 million clients the parent company South Korean KP Financial Group services  more than 50% of the South Korean population. The conglomerate holds  more than 1,000 local branches and holds a significant majority of fiat  deposits, loans, and mortgages. On the other hand, Circle is regarded as  the most financed Bitcoin startup, the company recently unveiled a $60  million fundraise, the money is coming from ventures and investment  firms based in China. 

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