Circle, the Bitcoin-based payments application has entered into yet another partnership following its recent collaboration with Barclays. The US-based Circle Internet Financial Limited has recently signed a memorandum of understanding with one of the leading banking institution in South Korea, Kookmin Bank.
Kookmin Bank, harboring the desire to involve itself in the blockchain technology will be working with Circle and Coinplug to develop distributed ledger based solutions. The UK arm of Circle is part of this partnership along with Coinplug, Trustonic -a mobile technology solutions provider and Atsolutions IT Company
In a statement to the press while announcing the MoU, the Kookmin Bank representative was quoted saying,
“We are excited to work with the top tech companies in London, a hub of the fintech industry. KB Kookmin Bank will strive to provide our customers with new experience by adopting cutting edge technologies,”
Kookmin Bank has been working on blockchain solutions since early this year. The banking major first announced its plans to create a blockchain solution for faster and more economical international money transfers in February.
Coinplug, one of the leading bitcoin and blockchain technology company from South Korea has been working on developing the blockchain based cross-border fund transfer solution along with Kookmin Bank since then. The company is also known for enabling people to buy bitcoin at supermarkets as physical bitcoin cards and over regular ATMs.
Circle has been on an expansion spree in the recent days. The Boston-based company expanded its services to the United Kingdom following its partnership with Barclays. The company recently announced the launch of Circle China, a subsidiary of Circle registered in China to serve domestic customers. Now with this partnership with Kookmin Bank, the company may soon extend its footprint to South Korea as well.