Korea’s Major Venture Firm Invests in Blockchain Startup

October 3, 2018

Large South Korea-based venture organization called Korea Investment Partners (KIP) has backed financially its first blockchain startup.

According to the statement voiced on October 1, the startup Temсо gained undisclosed amount of investments. The startup is focused on establishing a full-fledged supply management structure for all kinds of entrepreneurship. The solutions will be able to track goods shipment from manufacturer to consumer via blockchain technology.

The KIP company is known as providing financial assistance to large South Korean firms with search engine Naver and mobile messenger operator Kakao among them.

Note that the blockchain technology is in its glory in South Korea today given digital currency trading was restricted by the country’s regulators just a year ago.

Late summer Won Hee-ryong, the governor of the Jeju province, proposed to set a platform for blockchain startups that plan holding ICOs.

Early autumn the authorities have put the plan into practice and increased investments in innovative development as well as blockchain solutions that imply information management and shared economy. Total investment volume has made over $880 million.

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