Coinplug

About Coinplug

Established in 2013, CPLABS, formerly known as Coinplug, is a South Korean company operating at the intersection of blockchain technology and artificial intelligence. The company was founded by a team of entrepreneurs, including CEO Ryan (Joonsun) Uhr and COO Richard Yun. The founding members brought a wealth of experience from the IT and financial sectors, having previously worked at companies like Hyundai Electronics, Cisco Systems, and ExiO Communications, which was acquired by Cisco. This background in both technology and finance shaped the company's direction from its early days.

CPLABS has a history of securing significant funding, starting with a $400,000 seed round in November 2013 and another in April 2014, with early backing from investors like Tim Draper. Subsequent funding rounds, including a Series A, B, and B-2, have brought the company's total funding to over $12 million, with contributions from notable venture capital firms such as Mirae Asset Venture Investment and KB Investment.

The company's business model focuses on developing and providing blockchain-based solutions and services for a diverse client base that includes public and private sector organizations, financial institutions, and telecommunication companies. Its revenue is generated through the provision of these technology solutions and platforms. Initially, Coinplug operated as a bitcoin exchange, offering wallet and payment processing services, and even launched two-way Bitcoin ATMs in Seoul. Over time, the company shifted its focus to enterprise-level blockchain solutions, particularly in the areas of decentralized identity (DID), security, and authentication.

CPLABS offers a range of products and services built on its proprietary blockchain technology. A key offering is its DID solutions, such as 'MYKEEPiN', an identity authentication platform, and 'METAPASS', a mobile employee ID and access management service that has been recognized by the Public Procurement Service. Another notable product is 'THEPOL', an online voting and survey platform that leverages DID technology to ensure user privacy and verifiable participation. The company has also developed platforms for NFT issuance and management ('METAPiE') and has been involved in projects like a Renewable Energy Certificate (REC) trading platform. CPLABS actively engages in government-backed projects, including the Busan Blockchain Regulation-Free Zone, where it developed the integrated service 'B PASS'.