South Korean Blockchain Firm Launches In The UAE

Asia Blockchain Review
October 16, 2019
South Korean Blockchain Firm Launches In The UAE

South Korean blockchain startup Blocko was recently launched in the United Arab Emirates (UAE). Backed by Samsung, Blocko has partnered with SEED Group, a company of the Private Office of Sheikh Saeed bin Ahmed Al Maktoum, to develop blockchain solutions in the Gulf Arab nation.

Two Successful Funding Rounds

Blocko’s two funding rounds saw a combined US$16 million from major financial institutions such as KEB Hana Bank, LB Investment, Dadam Investment and Shinhan Bank, South Korea’s oldest bank. Samsung also provided financial support for the company, which received US$8.9 million in the first round and another US$7.44 million in the Series B+ round this year.

Apart from the UAE, the company plans to use its Aergo platform in South Korea, Hong Kong and the United Kingdom. Blocko CEO Phil Zamani stated:

“We launched Aergo in response to the growing need for data sharing between industries and companies in areas such as identity verification, document management and the Internet of Things – the same areas in which the Middle East in particular is seeking practical solutions.”

A Promising Market For Blockchain

The UAE is an active supporter of the blockchain technology. The government launched the Emirates Blockchain Strategy 2021 in April 2018 with the goal of applying the technology with at least 50% of all government transactions by transforming them into a blockchain platform. This project is believed to help the government save as much as US$3 billion, as well as several million printed documents and work hours, annually. Blockchain will also be used with digital transactions in an effort to ensure safe and secure transactions as well as national documents.

Source: kryptomoney.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