Seoul launches initiative to support blockchain projects

Posted 19 February, 2019

The government of Seoul is planning to allocate some KRW 1.2 trillion ($1.07 billion) for fintech startups, including the projects in the crypto industry.

The announcement was made this Monday, saying that the funds will be allocated via the Seoul Innovation Growth Fund which was established in 2018 and distributed among different segments to assist emerging startups in their struggles to get Series A or seed funding.

Some KRW 13.25 billion ($11.75 million) will be invested in H1 2019 and distributed among the following segments: Fourth Industrial Revolution, Smart City, and cultural content projects will get KRW 2 billion ($1.77 million) each, startup support will receive KRW 2.25 billion ($2 million), and KRW 3 billion ($2.66 million) will be invested in rehabilitation support. Additional KRW 8.4 billion ($7.45 million) will be granted in H2 2019, with no details so far

According to the available data, blockchain-based projects are likely to get backing under the "23 revolutionary technologies" via investments in the Fourth Industrial Revolution or Smart City.

Seoul noted that initial investment in South Korean projects must be raised (currently $1.1 million) to the level that is recorded in London or Silicon Valley reaching some $7 million and $6.5 million, respectively.

The first intentions to support blockchain startups were expressed by Seoul last October when its mayor Park Won-soon said the city considered 5-year investments of around $108 million to apply blockchain technologies to the municipal infrastructure.

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20 February, 2019 10:49

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