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 Yessi Bello Perez’s 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:

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“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.

About Richard Kastelein

In his 20s, he sailed around the world on small yachts and wrote a series of travel articles called, ' The Hitchhiker's Guide to the Seas' travelling by hitching rides on yachts (1989) in major travel and yachting publications. He currently lives in Groningen, the Netherlands where he has set down his anchor to raise a family and write.

Founder and publisher of industry publication Blockchain News (EST 2015) and director of education company Blockchain Partners (Oracle Partner) – Vancouver native Richard Kastelein is an award-winning publisher, innovation executive and entrepreneur. He has written over 2500 articles on Blockchain technology and startups at Blockchain News and has also published in Harvard Business Review, Venturebeat, Wired, The Guardian and a number of other publications.

Kastelein has an Honorary Ph.D. and is Chair Professor of Blockchain at China's first blockchain University in Nanchang at the Jiangxi Ahead Institute software and Technology. He has over a half a decade experience judging and rewarding some 1000+ innovation projects as an EU expert for the EuropeanCommission's SME Instrument programme as a startup assessor and as a startup judge for the UK government's Innovate UK division. Kastelein has spoken (keynotes & panels) on Blockchain technology at over 50 events in 30+ cities.

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