Samsung-Backed South Korean Blockchain Blockco Raises $7.5 Million

    Blockco, a South Korean blockchain company that was backed by the tech giant Samsung has managed to raise $7.5 million recently during its latest Series B+ funding round.

    According to the company, the round was led by the Shinhan Bank, one of the largest forex banking institutions in the country. Other prominent investors included the KEB Hana Bank and the Korea Exchange Bank. An entertainment company called Dadam Game and a healthcare venture capital firm called LB Investment also participated in the round.

    Most of these companies are investing in projects of their own. The KEB Hana Bank, for instance, is a part of a blockchain consortium, while the Shinhan Bank is creating its own stocks platform based on the blockchain tech.

    The CEO of Blockco, Kim Won-beom, has affirmed that the company will showcase several blockchain solutions soon, especially in the smart grid field. According to him, this area has found hard times while trying to implement an effective business model and it is still lacking.

    Blockco has a quite successful story. The company was founded back in 2014 and it received around $1.2 million from Samsung back in 2016. After that, the company has managed to launch two products, a blockchain-as-a-service platform called Coinstack and Aergo, which was a blockchain for private enterprises. The first project was launched in 2015 and the second one in 2018.

    This company has been a part of the development of NexLedger, which was created together with Amazon Web Services and Samsung. NexLedger was released in 2017.

    Get Free Email Updates!

    *Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

    I will never give away, trade or sell your email address. You can unsubscribe at any time.

    Gabriel Machado
    Brazilian journalist who is interested in the future of the financial world. Has a special interest in the blockchain technology and the global financial markets. Covers economic and technology news with a focus on the fintech industry and has been writing about the cryptocurrency market since the start of 2017.

    [Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

    [Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


    Please enter your comment!
    Please enter your name here


    Live Bitcoin Price & Latest BTC Charts

    Today's Latest Crypto News

    Binance CEO: Once QE Money Starts Flowing, BTC's Price Will Go Up ‘Very Dramatically'

    “Since coronavirus took over, business-wise the platform is doing really well” - CZ COVID-19, QEg, depression, and countries printing a lot of money...

    South Korean Central Bank to Roll Out Pilot Program to Test CBDC Through Dec 2021

    On April 6, South Korea’s central bank has made the announcement that it started a pilot program for assessing the logistics of a central...

    Former Goldman Sachs Fund Manager Suggests Allocating 25% in Bitcoin

    When Raoul Pal, the former hedge-fund manager who founded Real Vision first learned the coronavirus was spreading rapidly, he thought, “The whole world's f---ed,”. "I...

    PwC Report Reveals 2019's Crypto M&A's Dropped Sharply; Total Value Decreased By 76%

    The 2017 market boom led to the new era of funding in the decentralized space called ICO, however as we entered the bear market...

    How Much New Inflow Bitcoin Needs to Stay at this Price Level?

    For the last 2.5 years, $400 million of new investment each month kept BTC price at $7,000, after halving it would require just...

    BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.