South Korea’s largest venture capital firm invests in blockchain startup for the first time
According to Tuesday a statement, KIP invested an unnamed amount in blockchain startup Temco, which develops supply chain management systems for small and medium business. Temco writes on its website that him solutions may used to track the movement of products from manufacturer before end consumer via blockchain.
Temco more than ready to transform the current logistics process “, – stated Member of the KIP Fintech Investment Council Jonghyun Kim. “Temco is not only outperforms existing business solutions, but and shows myself leading example potential blockchain technologies “.
KIP known on its investments in the largest enterprises in South Korea, including the search engine Naver and the mobile messenger operator Kakao.
Breaking news can speak about improving the climate in the Korean blockchain industry, after Togo how local financial regulators have imposed restrictions on sales and other transactions with cryptocurrencies year back.
In mid-August, the governor of the South Korean island of Jeju Vaughn He-Ryong proposed to create in the province the so-called “free zone “for cryptocurrency startups, willing conduct an initial coin offering (ICO).
In September, the South Korean government adopted decision about an investment over $ 880 million in the technological development of the country, in Tom in development on blockchain, including data management and sharing economics.