Coinplug, a South Korea-based bitcoin services company, has announced a new joint remittance venture in collaboration with SBI FinTech Solutions Co., a subsidiary of Japanese investment group SBI, CoinDesk reported.

Called ‘SBI Cosmoney’, the new venture is expected to launch its remittance service this year. It will be partly supported by a separate remittance venture, SBI Remit.

SBI Group has been actively involved in the blockchain space and has made investments in a number of blockchain companies. Last year, it joined the blockchain consortium led by financial innovation firm R3. Notably, SBI also participated in Coinplug's $5 million Series B funding round in October 2015.

Coinplug CEO Ryan Uhr said that the partnership aims to "create an overseas remittance service that connects Korea to the world".

Founded in 2013, Coinplug provides various Bitcoin exchange platforms such as a Bitcoin exchange marketplace, electronic wallet service, and online POS (Point-of-Sales) service.

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