Korean Blockchain Startup Streami Closes $2 million Seed Round

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Korean Blockchain remittance startup Streami has reportedly raised $2 million in seed funding. According to report at Coindesk, one of South Korea’s largest financial institutions Shinhan Bank was the major backer with close to half a million dollars. Other investors include ICB, Bluepoint Partners , Shinhan Data Systems, and a few angel investors.

CEO and Founder Junhaeng Lee, Harvard graduate and formerly of Mckinsey and Co, told CoinDesk:

“Streami’s main competitors, as of now, are traditional remittance service providers in general and illegal money transmitters that are estimated to take up significant Korea-outbound remittances market share.”

“Streami will bring trusted, regulated liquidity into the crypto networks,” he added.

The funding, Lee told CoinDesk, will be used to open branches in cities beyond Seoul and recruit new talent.

Although the startup is pre-revenue, he said it plans to eventually do so by taking service fees from institutional clients.

ICB CEO Han Yong Lee told CoinDesk that his firm took part in the round to facilitate further exploration of the technology.

Richard Kastelein

About Richard Kastelein

Founder, Publisher and Editor in Chief of Blockchain News and co-founder and director at Blockchain Partners in London/Amsterdam/NYC, Richard Kastelein is also an advisor with a number Blockchain startups doing ICOs including DECENT.ch, Inchain, Humaniq, Chronobank, eGaas and others.

He is regarded as one of the top journalists by the Blockchain and fintech communities – as is evident by his entry in the Top 150 Fintech journalists online and in the top 10 of the Blockchain Top 100 List. As a prominent keynote presenter, he has spoken on Blockchain at events in Gdansk, Amsterdam, Minsk, Dubai, Antwerp, Eindhoven etc, where he helped spread the cause for Blockchain technology and crypto-currency and, consequently, has built a notable network inthe scene.

In 2013, the European Commission appointed him as an expert for overseeing financing for emerging startups as a part of the European Commission’s 90 billion euro Horizon 2020 project, created in Brussels to promote innovation as a driving force of job creation and business ventures across Europe. He has also worked as an external expert for Innovate UK since 2012, judging startups for the UK government.

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