ICONLOOP Raises $8 Million in Series A Funding for ID Authentication Service 

Asia Blockchain Review
October 27, 2019
ICONLOOP Raises $8 Million in Series A Funding for ID Authentication Service

 South Korean blockchain startup ICONLOOP has secured 10 billion won (over US$8 million) in Series A funding, in its first venture capital investment since its establishment in 2016. Seven investment companies including Korea Technology Finance Corporation (KOTEC) and T.S. Investment participated in this round, according to a report from news outlet Cointelegraph. 

Eliminating Hassles in Identity Verification

With the funds received, ICONLOOP will now focus on the launch of its blockchained-powered DID (digital ID) service called ‘my-ID’, which is planned for a commercial launch within the first half of next year. The company claims that my-ID will make opening bank accounts much more convenient to the point where customers will not be required to have a face-to-face verification and “allows for ID authentication information […] to be saved to the user’s mobile phone so that users can reuse said information to open further accounts or access other services that require identification.”

Furthermore, part of the money raised will be allocated to promote ICONLOOP’s ‘my-ID Alliance’ network that consists of 27 organizations and corporations from various fields in addition to banks, such as security firms, e-commerce companies and manufacturing companies.

South Korean Authorities Adopt Blockchain

Earlier this year, ICONLOOP’s blockchain platform was selected by the Seoul Metropolitan Government to issue mobile letters of appointment to its Blockchain Governance Team.

J.H. Kim, council member of the Icon Foundation and CEO of Iconloop, stated:

“The increase in public blockchain use-cases led by government, and this appointment letter issuance is a starting point to show a clear example of how blockchain can be used in government.”

Source: https://cointelegraph.com/ 


About Asia Blockchain Review

Asia Blockchain Review is the largest initiative for media and community building in Asia for blockchain technology. It aims to connect all blockchain enthusiasts on a regional scale and facilitate the technological foundation of blockchain through a range of group discussions, technical workshops, conferences, and consulting programs.

Our goal is to cultivate and encourage a collaborative community for our members to gather, share their experiences and endeavors in the blockchain space, and brainstorm the potential uses of blockchain technology.

Follow Asia Blockchain Review on:

    Related Article
    2020: Managing the Expectations of Blockchain Related Hype
    As blockchain technology evolves, the ecosystem for a lot of things is advancing as time goes by. So...

    February 22, 2020

    Is Blockchain the Saviour that Healthcare Needs?
    2019 saw almost USD$4 billion worth of healthcare data breaches, but it's not all doom and gloom, as...

    February 19, 2020

    MESTECC Launches 130 Technology Initiatives for 2020
    In line with the “Own It. Do It. Ace It.” campaign, the Ministry of Energy, Science, Technology, Env...

    February 17, 2020

    Australian Government Unveils National Blockchain Roadmap
    The national blockchain roadmap is all about progressing the country towards a blockchain-empowered ...

    February 17, 2020

    We provide information about Asia Blockchain Review latest activities as well as global blockchain news and research. Subscribe to our Newsletter now or Contact us