Bitcoin Startup Investments
(korea, bitcoin and games at the bottom, with coinplug’s plans)
Coindesk is looking for $300m venture investment into the bitcoin startup ecosystem this year
UPDATE (2nd April, 11:15 GMT): In addition to the companies listed below, sales portal BitSimple has raised $600,000 in a bitcoin-only seed round. ___________________________________________________________
This article summarizes some of the new State of Bitcoin 2014 data and analysis on venture capital investment presented at last week’s Coinsummit conference in San Francisco.
Several significant venture capital investments in bitcoin startups have been announced in recent weeks, including Circle’s $17m second round, Xapo’s $20m first round, and OKCoin’s $10m first round (Table 1). Table 1: Bitcoin Venture Capital Investments – 2014 YTD
Meanwhile South Korea coinplug gets another $400k
South Korean bitcoin services startup Coinplug announced this week that it has secured another $400,000 in funding from venture capital firm DFJ (Draper Fisher Jurvetson) Partners’ Tim Draper and his affiliates.
Chol Hwan Kim from Key Initiatives Technical Entrepreneur also participated in the investment.
This funding is in addition to the $400,000 Coinplug has already received from Silicon Valley investor SilverBlue in November last year.
Bitcoin ATM, Gangnam style
As well as its bitcoin exchange, Coinplug also develops wallet and merchant payment software. Last month it even launched its own two-way bitcoin ATM in Gangnam, Seoul, in partnership with the largest ATM hardware manufacturer outside the US, Nautilus Hyosung.
Aiming at gaming
As for Coinplug’s future directions, Yun said that Korea’s reputation as a mobile and online gaming haven represented a huge potential market for bitcoin.
The company is targeting this market, including massive multiplayer online role-playing games (MMORPGs) and K-Pop and K-Drama online payment solutions, as well as general social and e-commerce.
Furthermore, the company is developing a secure and user-friendly point of sale (POS) system for both commercial (integrated into the current system) and personal use, which would be aimed at customers both in Korea and overseas.
It would be good to see some bitcoin takeup in the gaming sector! Especially in Korea, which is home to some of the most epic mmorpgs ever. Wouldn’t say no to Kpop too!