Blockchain company Iconloop has secured 10 billion Korean won from seven investment companies participating in a Series A funding round.
Per an Oct. 10 announcement, it was Iconloop's first venture capital investment since its establishment in 2016, with the participation of companies such as Korea Technology Finance Corporation and T.S. Investment, among others.
Building blockchain-based identity authentication serviceIconloop is planning to allocate the raised funds to launching its blockchain-based digital identity authentication service called "My-ID". According to the company, my-ID can be used for opening banking accounts without face-to-face verification and "Allows for ID authentication information to be saved to the user's mobile phone so that users can reuse said information to open further accounts or access other services that require identification."
Along with the my-ID service, Iconloop will use the money for further promotion of the my-ID Alliance consisting of 27 organizations from various industries, including banks, security firms, e-commerce and manufacturing companies.
South Korea's approach to blockchainIn February, the Seoul Metropolitan Government chose Iconloop's blockchain platform to issue mobile letters of appointment to its Blockchain Governance Team.
"The increase in public blockchain use-cases led by government, and this appointment letter issuance is a starting point to show a clear example of how blockchain can be used in government."
This summer, news broke that the South Korean capital is looking to release a native city-wide digital currency dubbed S-coin, the objective of which will be to encourage citizens to participate in governance, facilitate cooperation between citizens and collect information.
South Korea's oldest bank, Shinhan Bank, recently partnered with two other companies to jointly develop a Private Key Management System for its banking services.
The first tests of the new systems are expected in October.
South Korean Blockchain Startup Raises $8M for Identity Authentication
Udgivet den Oct 10, 2019
by Cointele | Udgivet den Coinage
Coinage
Seneste nyheder
Se alt
Blockchain Bites: Bitcoin's Run, Uniswap's Hemorrhaging Value, Anchorage's Banking Bid
Bitcoin is nearing all-time highs in price and market cap last set three years ago.
Japan's megabanks to lead experiment with digital yen
We have, in order, Cheese Bank with a $3.3 million theft, Akropolis with its $2 million loss, Value DeFi with a whopping $6 million exploit and finally Origin Protocol's loss of $7 million.
Number of new Bitcoin addresses spikes amid growing FOMO
Japan's three largest banks, as part of a group of 30 private sector actors, are set to collaborate on an experiment with a digital yen.
Not just Wall Street: Quant trader explains why Bitcoin price is going up
Sam Trabucco, a quantitative trader at Alameda Research, believes four general factors are pushing up the price of Bitcoin.