South Korean Blockchain Startup Raises Over $7.5M
By Luke Flowers - Crypto Specialist
Blockco, the blockchain startup backed by Samsung, has just rounded up 9 billion ($7.5 million) Korean Won (KRW) in a Series B+ funding round by renowned local banks.
This funding round included South Korea’s largest foreign exchange bank, Korea Exchange Bank and oldest bank Shinhan Bank. Shinhan has recently invested in partnerships that involved blockchain technology like with KT Corporation to allow users to buy Bitcoin to trade with tokens.
Furthermore, healthcare-focused venture capital firm LB investment and the venture arm of Seoul-based entertainment startup, Dadam Game, extended their support for the new investment.
Ever since being founded in 2014, Blocko has made quite a name for itself. In July 2016, it raised over 1.5B KRW ($1.2 million) from Samsung Ventures. Blocko has also established blockchain-as-a-service platform known as Coinstack in 2015 and then launched enterprise blockchain protocol mainnet, Aergo in 2018. All ventures show Blocko has a strong affiliation for platforms that buy and sell Bitcoin or provide applications.
Blockco reportedly participated in the development of blockchain system NexLedger in conjunction with Amazon Web Services and The Samsung Group. NexLedger, released in 2017 is regarded as a permissioned blockchain system that offers integrated solutions for cost-efficient ways to manage data exchange and digital financial transactions. Through partnerships, many projects believe they can encourage more to buy and sell cryptocurrency and increase adoption of the technology.
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