The largest venture capital (VC) firm in South Korea has formally announced that is has made an investment in TEMCO, a blockchain solution company for supply chain management built on the EOS network.
Korea Investment Partners (KIP) of Seoul has investments in over 50 companies, 20 private equity funds and a significant roster of partners all over the world. Its investment into TEMCO is of undisclosed value although according to a press release, it claims to be the first initial coin offering (ICO) funded by “major venture capital”.
This is not the first time that KIP has invested in blockchain-related companies such as Bithumb, Kakao, and Korbit, as well as other companies such as Naver who have been pursuing blockchain technologies in South Korea.
TEMCO’s supply chain project has been receiving support from other institutional investors such as RSK Bitcoin Smart Contracts, TLDR Capital and global blockchain accelerator Blockchaini, among others.
The announcement is indicative of a growing demand within South Korean markets to utilize blockchain solutions and products, going beyond the early trends of cryptocurrency exchanges that had previously held market dominance among investors.
Throughout 2018, South Korea has wrestled tirelessly to establish regulations and laws for ICOs, taxation, cryptocurrency classification and other vital facets of the industry. However, in the past month or so, there has been a significant progress with governmental support for new start-ups with blockchain being included in significant rounds of funding for public services.
Recent reports reflect the growing demand for blockchain 3.0 technologies from several of South Koreas largest companies. Naver and Kakao who are part of KIPs investment portfolio have begun unveiling their latest ambitions in blockchain.
Naver, the nation’s largest internet content service company has produced a multi-media payments and compensation service platform, and Kakao is soon to unveil Clayton, a project developed by its Ground X subsidiary.
Further progressions could be made should the Jeju Island special zone proposal come to fruition in the near future. The already self-governing island is seeking permissions to allow for the currently banned fundraising method of ICOs to be conducted on the island, and furthermore, become something similar to that of Malta, a blockchain island and hub for industry innovation.
For South Korea, blockchain technologies are becoming a regular part of political, social and industry discourse. 2019 is set to see public sector blockchain pilots double, in addition to this, unprecedented levels of funding for blockchain as well as other innovative technologies will also further catalyze South Korea’s world-leading efforts to adopt blockchain into its mainstream.
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