Some of South Korea’s biggest companies are investing in domestic blockchain and cryptocurrency startups – with the Seoul government also looking to get in on the action.
Although it may come as no surprise to hear how keen on blockchain the likes of , and are, all three companies have also been active behind the scenes – investing in blockchain firms through their respective venture capital arms.
Banks like KEB Hana, Shinhan and Woori have also moved into blockchain investment – in addition to their own blockchain business commercialization efforts.
Per a report from Fn News, some recent investment highlights include the following:
- LB Investment (formerly known as LG Venture Investment) has taken part in Series B investment in domestic blockchain firm Blocko.
- Samsung’s investment arm Samsung Next’s portfolio includes blockchain-powered video platform Theta Labs and cryptocurrency wallet ZenGo.
- KB Bank’s KB Investment has invested in cryptocurrency trading platform Heybit and blockchain-based, cloud computing company AI Network.
- KEB Hana’s Hana Ventures has also invested in AI Network, as well as blockchain company Common Computer.
- Shinhan’s Shinhan Investment has put funds into blockchain-powered real estate platform Kasa Korea.
Other investors include the likes of Kakao’s Kakao Investment and Woori Bank’s Woori Technology Invetment – investors in blockchain companies such as and Tempco. The latter also last year became the first Asian blockchain company to receive investment from a conventional VC company (namely Korea Investment Partners).
Exchanges are also keen on blockchain investment – Bithumb operator BTC Korea and Dunamu (the operator of ) also have growing blockchain investment portfolios.
Meanwhile, the Seoul Metropolitan City government has announced that it is hoping to open a Blockchain Support Center in the affluent Mapo district next month. A 2,014 sqm property is being developed, with office space to be provided for tenant blockchain startups.
The development is part of a USD 84 million blockchain investment promised by the Seoul government between 2019 and 2022. Per a Paxnet report, the choice of the Mapo district was strategic as some of the country’s top universities have campuses nearby. The area is also a thriving business district.
A spokesperson stated, "We will provide customized accelerator services and good conditions for development for blockchain companies."
