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A Blockchain Startup Backed by Samsung Has Raised $7.5 Million

A Blockchain Startup Backed by Samsung Has Raised $7.5 Million

Blockco, which is based in South Korea, recently secured $7.5 million from major banks in South Korea during a Series B+ funding round. Samsung also backs the startup. The announcement of the successful funding round was made on August 22.

Interest from the Banking sector

This funding round involved one of the oldest banks in South Korea-Shinhan Bank as well as one of the biggest foreign exchange banks in South Korea-Korea Exchange Bank, which is also called the KEN Hana Bank. Other investors who joined the funding round include LB Investment, a healthcare-focused venture capital firm, and Dadam Game, an entertainment startup based in Seoul.

Samsung and Amazon amongst its Backers

Blockco, which was created in 2014, received $1.2 million in July 2016 from Samsung Ventures. The company established Coinstack, which is a blockchain-as-service platform in 2015. In 2018, it launched the Aergo main net, which is an enterprise-grade blockchain protocol.

Blockco played an important role in the development of NexLedger, a permissioned blockchain system in collaboration with Amazon Web Services and Samsung Group. NexLedger was unveiled in 2017. It provides integrated and cost-effective solutions for managing data exchange and financial transactions online.

Shinhan Bank has long been interested in blockchain technology. It was reported that the bank was working on a stock lending platform, which will be powered by the blockchain. This project is being undertaken in conjunction with Directional, a financial services firm. Samsung Electronics and KEB Hana Bank are members of a consortium of South Korean firms that plans to launch a mobile identification system based on the blockchain in 2020.

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