The leading Bitcoin and financial technology company in the Philippines has just received a decent amount of funding from one of leading South Korean company. K Venture Group, the investment arm of Kakao Corporation (KOSDAQ: 035720) has invested an undisclosed amount in Satoshi Citadel Industries.
With the influx of new investments, Satoshi Citadel Industries can now help its businesses expand, whereas for K Venture Group, this partnership will not only improve its portfolio by including a next generation fintech company into it, but it will also help Kakao Corporation gain enough insight into the technology, helping them replicate the model.
It is also worth mentioning that the biggest bitcoin remittance platform Rebit.Ph is also operated by Satoshi Citadel Industries. In addition to Rebit.Ph, the company also has other products some operational and some in the pipeline. These products include BitBit, BuyBitcoin.Ph, BitMarket.Ph and PrepaidBitcoin.Ph.
Bitcoin and Regulations in the Philippines
The Bitcoin industry never fails to be unimpressive. Right after the Central Bank of Philippines decided to crack down on money remittance companies including Philrem Service Corporation for not complying with AML and KYC regulations, the Central Bank of Philippines decided to introduce bitcoin regulations. Even though