South Korea’s Seoul Government to Invest $1 Billion USD Into Blockchain Fintech Projects in Next 3 Years
The government of the Korean capital, the Seoul Metropolitan Government, has decided to announce yesterday, February 18, that the country will invest more than $1 billion USD on both blockchain and fintech companies by 2022.
As the official reports from the government affirm, the administration will use a fund known as the Seoul Innovation Growth Fund in order to participate in several funding rounds for blockchain companies. The fund was originally founded last year and its main focus will be on startups that are related to the blockchain industry.
According to the government, while the average investment in Silicon Valley or London is around $6 to $7 million USD, in Korea, it will be $1.1 million USD.
Jo In-dong, the head of the economic policy department in the government of the city, has affirmed that this will be the cornerstone of growth for the industry and that it will help in the development of a more innovative society.
Just last month, the government of Seoul announced the launch of a new initiative, the Seoul Blockchain Governance Team, which will have around 100 employees and its goal will be to examine the potential benefits of the technology, which is part of the governmental strategy.
There is also a plan called the Blockchain City of Seoul, which is to promote the technology in the capital in the next few years in order to turn Seoul into a major blockchain hub.