South Korean Govt Allocates $9M for Blockchain Startups

Asia Blockchain Review
November 6, 2019

The Korea Internet Security Agency (KISA) disclosed that it has allocated US$9 million (10.5 billion won) to promote blockchain startups in the country in 2020. 

The amount represents a reduction from this year’s commitment, during which it offered approximately US$11 million to 12 blockchain projects.

Promoting Blockchain Startups, Excluding Crypto Projects

According to a CoinDesk report, KISA, an agency under Korea’s Ministry of Science and ICT, has revealed that 10 projects are expected to be selected to participate in the program in 2020, with up to two projects to receive long-term funding over the next several years.

Min Kyung-sik, head of KISA’s blockchain center, disclosed that the maximum funding for each project will be US$1.2 million. 

KISA will be considering blockchain projects from both the public and private sectors, with the registration period ongoing until November 11th and the final list of funded projects to be released on December 20th.

Though KISA has been offering financial support for blockchain projects since 2018, funding does not extend to crypto exchanges or crypto-related projects.

Blockchain Projects Span Various Industries

Projects that have received funding from KISA in 2019 include a second-hand car service platform from Hyundai Autoever, an electric vehicle battery ledger, a carbon emissions database, a food safety platform, a donation platform, and a records management system for the National Archives.

Meanwhile, the Korea National IT Promotion Agency has also stated in a recent meeting that it will continue to promote the development of blockchain-related projects.


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