Philippine Bitcoin fintech startup Satoshi Citadel Industries has raised a seed round from K Venture Group (KVG), the investment arm of South Korea internet company Kakao Corporation.
The amount of the investment was not disclosed.
Founded in 2014 with the aim of becoming the ecosystem for Bitcoin in the Philippines, Satoshi Citadel operates a number of related sites, including Rebit.ph, a remittance service for the Philippines that charges zero service fees or hidden fees, with the ability of “Rebitters” being able to choose to pay out in cash within 24 hours via major banks and local pawnshop networks, or in kind via mobile airtime load and bills payment; and BuyBitcoin.ph, which as the name may suggest is a fiat money to Bitcoin exchange catering for a Filipino audience.
Bitbit, an e-wallet that will allow users to send, receive and share money with friends and family over email, mobile and social media, is currently in development.
“We like to think of ourselves as the last mile in Bitcoin service delivery” Co-Founder and Chief Commercial Officer Miguel Cuneta explained to SiliconANGLE at the Rise Conference in Hong Kong in 2015.
“10 percent of Filipino’s work overseas, with many of them sending