Streami, a Korean startup developing a blockchain-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 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.
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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.