South Korea's Bitcoin exchange Coinplug partners with Japan's SBI for remittance venture

posted 3 months ago
South Korean bitcoin exchange Coinplug has announced a new joint remittance venture with the fintech subsidiary of Japan-based investment group SBI.

The joint venture, dubbed SBI Cosmoney, is expected to launch its remittance service last this year, the two firms said. Coinplug is working with SBI FinTech Solutions Co., which is part of the wider SBI business group that has invested in a number of blockchain startups.

In a statement, Coinplug CEO Ryan Uhr said that the goal of the partnership was to "create an overseas remittance service that connects Korea to the world". Founded in 2013, Coinplug offers a bitcoin exchange, electronic wallet, and online point-of-sales service for Korean users.

According to the announcement, the new venture will be supported in part by a separate remittance venture, SBI Remit, which has been in operation since 2010. The experience of that venture, SBI said, will be of great help to the new venture."
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