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.


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
Tencent Granted Blockchain Bank License in Hong Kong
Major Chinese tech company Tencent has recently been granted a blockchain bank license from the Hong...

November 19, 2019

US Taps Mavennet to Track Canadian Oil and Gas with Blockchain
Canada’s own Mavennet has been selected by the US Department of Homeland Security to develop and imp...

November 19, 2019

Tradewind Developing Blockchain-based Platform for Precious Metal Trade
Fintech company Tradewind Markets has announced that it will launch a blockchain app for the preciou...

November 19, 2019

Marseille Port Successfully Ends Trial for Blockchain System
Marseille Fos Port Authority has successfully carried out a blockchain test to develop solutions tha...

November 18, 2019

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