Philippines-based bitcoin company Satoshi Citadel Industries (SCI) has received seed funding from Korean based Kakao’s venture capital arm.
K Venture Group (KVG) is a subsidiary of Kakao which specializes in venture capital investments. SCI in its statement said today that the investment is a part of its strategic partnership with KVG that has been looking actively at global investments.
Scott Kwon, KVG’s principal partner said that in the parts of Southeast Asia, the banking sector is one of the inconvenient sectors. He stated that “SCI, using the power of Bitcoin and the blockchain technology, provides an innovative solution to the problems.”
The SCI statement reads, “KVG will support SCI through synergies with Kakao and its other business assets and connections with its network of global partners.”
The seed funding received by SCI will be used to grow its team and improve its technology and expand its partners worldwide.
Founded in 2014, Philippines based Satoshi Citadel Industries focuses on rapid execution and iteration which has led to the development of strong, original, and robust products. All these represent a key link in the Bitcoin value chain - adoption, liquidity, and utility. SCI’s first product was Bitmarket which is a bitcoin payment processor. Successively, it has launched bitcoin card provider PrepaidBitcoin, BuyBitcoin which is a bitcoin exchange, among others.
Kakao’s services include Kakao Talk which is a multi-platform texting app that allows iPhone, Android, and BlackBerry users to send and receive messages for free. It has built varieties of apps enabling users to access the services with one account. The apps include KakaoStory which is a photo sharing social network, Kakao Game for game developers and others.
