South Korea has been a major proponent of blockchain technology given the resources committed by multiple sectors in its development, including by major tech companies, banks, and government agencies.
According to a report by Fn News, major companies in South Korea’s tech sector, including electronics giant Samsung, its competitor LG, and leading internet firm Kakao, have been active in terms of pushing blockchain-based innovation and driving widespread adoption. These three corporations have announced significant investment in blockchain-related projects and startups through their respective venture capital affiliates.
Meanwhile, in the banking and finance sector, Shinhan Bank, KEB Hana Bank, and Woori Bank have reportedly initiated blockchain investments of their own and have integrated the technology into their business roadmaps.
Remarkable investments in South Korea include that of LB Investment (formerly known as LG Venture Investment) in blockchain firm Blocko, Samsung’s investment in blockchain-based digital content platform Theta Labs and cryptocurrency wallet ZenGo, and Shinhan Bank’s funding of blockchain-powered real estate platform Kasa Korea.
Cryptocurrency exchanges in South Korea are also showing interest in blockchain investment, with Bithumb operator BTC Korea and Upbit operator Dunamu seen growing their blockchain investment portfolios.
The Seoul city administration has acknowledged the potential of distributed ledger technology and recently set a date to open its ‘Blockchain Support Center’ in Mapo district in October 2019. Once construction is finished, the 2,014 sqm center will lease office spaces for blockchain startups.
The project’s spokesperson said, “We will provide customized accelerator services and good conditions for development for blockchain companies.”
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