Blockchain remittance company Streami receives $2 million in seed funding led by Shinhan Bank

Blockchain remittance startup Streami has completed a $2 million seed round of financing, according to news on December 25. Although the startup is a newcomer to the remittance market, its backers include Shinhan Bank, one of South Korea's largest financial services institutions, which invested approximately $427,000.

Streami is also backed by Shinhan Data Systems, the IT arm of Shinhan Bank, as well as payments company ICB, venture capital firm Bluepoint Partners, and a group of angel investors.

It is reported that the company targets remittance markets including South Korea, China, the Philippines, Hong Kong, Indonesia, Singapore and Thailand, aiming to help people in these regions bypass illegal money transfer services.

Streami CEO Junhaeng Lee told CoinDesk via email:

“As of now, Streami’s main competitors are traditional remittance service providers and illegal money transmitters that occupy a significant share of South Korea’s outbound remittance market.”

“Streami will bring trusted, regulated liquidity to the crypto web,” he added.

It is reported that Streami's current round of funds will be used to open branches in cities outside Seoul and recruit new talents.

ICB CEO Han Yong Lee said his company participated in the funding round to further explore the technology.

“We hope to provide better blockchain-based foreign exchange FinTech services and cooperate with Streami. In addition, we chose to invest in Streami because we believe in their potential,” he said.

Original article: http://www.coindesk.com/south-korean-shinhan-bank-blockchain-startup-streami/
By Yessi Bello Perez
Compilation: Overnight porridge
Source (translation): Babbitt Information (http://www.8btc.com/blockchain-startup-streami)