Report: Korean Blockchain Remittance Startup Streami Raises $2 Million

Streami, a Korean startup developing a Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term-based solution for remittances, has reportedly raised $2 million in seed funding.

As reported by CoinDesk, the funding is noteworthy in that Shinhan Bank, one of South Korea's largest financial institutions, was a major backer of the round, contributing ₩500 million ($427,000).

Also investing were Shinhan Data Systems, ICB, Bluepoint Partners and a number of angel investors.

ICB, a Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term firm, is looking to further explore the blockchain for its services through the investment. "We hope to provide better services with blockchain-based foreign currency remittance FinTech services and collaboration with Streami," CEO Han Yong Lee told CoinDesk.

Bitcoin's blockchain and other distributed ledger systems inspired by it are envisioned to streamline cross-border payments and other asset settlements such as those for securities trades.

Streami's founder Junhaeng Lee reportedly said that the startup's competitors will be traditional remittance providers, including those operating illegally, which are "estimated to take up significant Korea-outbound remittances market share."

The funding is only the third for the crypto industry this month, which was the quietest in over two years. Industry venture investment has been in decline since the first quarter, suggesting that 2015 may have been its peak.

The decline was most pronounced for startups catering to bitcoin as an asset/currency. Investment has shifted to those developing blockchain's technology, though many of the large financial institutions now doing so are investing internally.