The developers of Korea’s largest messaging application Kakaotalk, which recently announced its 100 million user-base, invested in a Philippine Bitcoin startup called Satoshi Citadel Industries.
The startup, more commonly known as SCI, houses and oversees the Philippines’ popular Bitcoin platforms including Rebit.ph, Buybitcoin.ph and Bitmarket.ph, that enable users to do pretty much anything with the digital currency.
Most notably, Rebit.ph is a Bitcoin remittance platform and utility bills payment service recently acquired by SCI, which enables Filipino users to settle credit card bills, utility bills, and send money to relatives and friends all around the world.
Kakao’s venture capital firm KVG invested in SCI as a part of an ongoing strategic partnership, to develop innovative platforms and applications using the Bitcoin network to compete against the Korean banking sector.
Scott Kwon, KVG’s principal partner, told Econotimes in an exclusive interview, that KVG will support SCI to build connections with global partners and companies. He further stated that SCI and Kakao will use the power of Bitcoin to develop innovative financial applications.
“KVG will support SCI through synergies with Kakao and its other business assets and connections with its network of global partners,” said Kwon. “Satoshi Citadel using the power of Bitcoin and the blockchain technology, provides an innovative solution to the problems.”
Daum Kakao, the owner of Kakaotalk and KVG launched a US$90.8 million investment fund in 2014 to fund startups and applications outside of the social media industry.
Since then, Daum Kakao launched their own financial application called BankWalletKakao and a taxi-calling application called Kakao Taxi, on the Apple app store and Google play store.
The company’s investment SCI will open many opportunities for the Korean technology giant to set their focus on developing financial technologies and platforms for mainstream users.