South Korean Blockchain Provider Blocko Officially Launches in UAE

Asia Blockchain Review
October 13, 2019
South Korean Blockchain Provider Blocko Officially Launches in UAE

Blocko, a Samsung-backed enterprise blockchain provider from South Korea, revealed that it has officially launched its services in the UAE after the blockchain company had received an opportunity at business expansion through a partnership with SEED Group in the Middle Eastern country.

Expanding Blockchain Services to the Middle East

Prior to entering the UAE, Blocko had received US$16.5 million in funding through two Series B rounds comprising US$8.9 million last June and US$7.4 million in August.

The firm disclosed that companies participating in the August financing round included Shinhan Bank, KEB Hana Bank, LB Investment and Dadam Investment.

Meanwhile, Blocko has announced that it will partner with Aergo, an operating platform, in order to develop a hybrid public-private blockchain technology aimed at serving both the public and private sectors in UAE.

“The company is now focusing efforts on bringing the Aergo platform to enterprises in the Middle East, looking to replicate its success in Asia and Europe,” according to Blocko.

Shifting Government Administration to Blockchain

Coindesk reported that the Dubai government has its eyes on blockchain, with its announcement of the Emirates Blockchain Strategy 2021 in April 2018 indicating that the UAE government will shift half of its transactions to a decentralized platform.

Hisham Al Gurg, CEO of SEED Group and the Private Office of Sheikh Saeed bin Ahmed Al Maktoum, said the digital transformation will change how government agencies work together.

“It will enable the UAE to make its digital promise a reality for its government departments, citizens and businesses,” he said. 

Source: https://www.coindesk.com


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