Seamon Seafood Trade Blockchain Startup Receives Investment from South Korea’s Bae Yong-joon
Blockchain has been making its way around the world, and the new startup Seamon has already been working to integrate the technology to their seafood trade. Considering the value that is easily found in blockchain technology, it should come as no surprise that popular South Korean businessman and actor Bae Yong-joon has chosen to invest in this endeavor. As far as the media knows, this is the first time that Bae has invested in a blockchain startup.
Speaking with CoinDesk Korea, Seamon head Lee Jung-hoon refrained from detailing the total amount of the investment, opting to simply say that it is “a meaningful amount” that is over “tens of millions” of the local currency. When converted to US dollars, one hundred million won is a little more than $88,000.
Lee continued, saying that Bae has had a longtime interest in marine products and the food industry in general. Though Bae was originally asked to be an advisor with Seamon, Lee said that he ultimately chose to invest in it instead.
According to the whitepaper on the project, Seamon’s work will focus on creating a system that ties both seafood transactions and smart contracts together with blockchain technology. The hope is that seafood transactions will embody the transparency that blockchain is known for, while lowering costs and making the transactions “faster and safer.”
Along with the work on the ledger, the team plans to release Seamon coin, which is the crypt asset that will be used for both payments and a store of value. Later in the year, the company plans to launch an exchange called SeamonX, which will be for the seafood trading market. Once the exchange is available, importers will be able to purchase the coins and exchange them for products in real time. Exporters can exchange the tokens for fiat currencies. Presently, the Seamon coin has already made its way to the BCEX exchange under the ticker symbol SMEX. On March 25th, the exchange plans to airdrop about 5 billion won in the SMEX tokens.
Much of the point of the project is to help remedy the issues that marine products face in international trading, like delinquent payments or a complete lack thereof. Seafood does not hold its freshness for long, which make efficiency an even greater priority than with many other products in the food industry.