Satoshi Citadel Industries (SCI) has secured a seed round with K Venture Group (KVG) – the investment arm of internet company Kakao Corporation.
The strategic partnership between KVG and SCI, secured on KVG’s first venture into the Philippines, is set to see the fintech start-up’s ecosystem of financial technologies as a key investment. KVG principal partner, Scott Kwon, was positive that SCI holds the key to breaking through the ‘inconvenient’ South-East Asian banking sector.
“One of the most inconvenient sectors in the Southeast Asia region is the banking sector,” he said,
“We at KVG believe that SCI, using the power of Bitcoin and the blockchain technology, provides an innovative solution to those problems.”
KVG will support SCI though its other business assets and connections in its network of global partners which SCI will now use to seed investment to strengthen its technology and collaboration opportunities.
SCI chief executive John Bailon confirmed that the company is keen to develop the bitcoin ecosystem and provide Filipino’s with access to universal financial services.