Specifically, Korea Investment Partners of Seoul invested in TEMCO. The amount of money has not yet been disclosed.
According to its website, TEMCO offers a blockchain that will support business supply chains. Retailers benefit from the system because product vendors will be verified, data accessible at all times, and smart contracts will enforce transparency. The system also offers data analysis/business intelligence. It is powered by the Bitcoin Network and RSK, the latter being a Buenos Aires-based company
Korea Investment Partners manages approximately 40 different investment funds and handles around $2 billion worth of assets, according to TechCrunch. Its investments number almost 90, and it is the lead investor in roughly a quarter of these ventures.
It has invested in major South Korean enterprises such as Kakaro and Naver, which are the country’s largest mobile messaging applications and internet search engine respectively, and in July 2018 opened an $88 million investment fund for the general Southeast Asian region in collaboration with a Singaporean investment company.
In terms of blockchain technology, KIP participated in the $100 million raised by Israeli cryptocurrency brokerage eToro in March, and in June, the company invested $10 million in ONO Social, a blockchain-based social network which, according to its website, offers things like a multi-currency wallet, instant messaging, and “referendum”. It is built on the EOS chain.
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KIP, Korea’s largest VC firm and Grand Shores just invested $16 million in Series A for ONO: https://t.co/BUrIPxTBDW
— ONO (@ONOsocial) June 9, 2018
Cryptocurrency in South Korea
Cryptocurrency in South Korea has come a long way since terrifying the government last year (ICOs have been illegal since September 2017).
In June 2018, a collection of South Korean banks revealed their new blockchain-based ID system – it was later reported by the Bank of Korea that almost $2 billion worth of cryptocurrency was being held by these institutions. Shortly afterwards the government passed new laws defining new classifications for cryptocurrency-related businesses, legitimising the field for the first time.
Since then, the country’s primary telecommunications provider started working on a blockchain in partnership with the country’s second bank, and the eastern province of Geyongsangbuk-do announced plans to issue its own cryptocurrency
Last week, Samsung Technologies, South Korea’s electronics giant, was revealed to be the partner of a Canadian cryptocurrency mining-device design firm. Samsung has been manufacturing these application specific integrated circuits since January, but originally only for an unnamed Chinese client.