Coinplug plans to be just like Coinbase except for the Korean market.
The ease and security of Coinbase is one of the factors that led the price run up in the first half of 2013. For the first time, Americans were able to buy and sell Bitcoins with the same ease that they bought and sold things using Paypal. Orders placed on Coinbase were placed directly on Mt. Gox at the time and more buys than sells generally meant that the price was going up. Coinplug seeks to provide this service to Koreans, a notoriously technologically conscious bunch. Coinplug has raised start up funds in both fiat and Bitcoin to the tune of $400,000. If that doesn’t seem like a lot compared to the $5,000,000 that BTC China just received in funding, that’s because Korea’s Bitcoin community is still small and growing, emphasis on growing.
This announcement comes days after the Korean National Tax Service let the Korean Bitcoin community on Facebook know that they were currently exempt from paying capital gains taxes on their Bitcoin holdings and earnings. Though the message was vague and not from the more powerful Ministry of Finance, many have taken it as a good sign for Bitcoin in Korea. Korea’s vicinity to China has undoubtedly aided in the Bitcoin fire spreading throughout Korea and the rest of East Asia.
Korea, along with other parts of Asia, have not been as vocal in the media or on the internet forums as China has. Of course, I refer to individual Chinese as opposed to the actual government of China or China’s central bank. I look forward to seeing Bitcoin fever catch on in the Eastern Hemisphere. I hear they have better saving/hoarding culture out there…