Blockchain General News

Korea Investment Partners makes its first investment in the Blockchain space

Temco

On October 1st according to a press release, Korea Investment Partners (KIP), the largest venture capital firm in South Korea is investing in its first blockchain startup called TEMCO.

The venture capital firm is known to invest in companies with a high ranking which includes Naver, the countries largest search engine. KIP has also invested in Line and Kakao popular messaging application which has both entered into the cryptocurrency space. Line has launched its own cryptocurrency and exchange whereas Kakao has established its blockchain subsidiary.

TEMCO builds supply chain management solutions with the help of smart contracts. These solution help companies track their products in an auditable manned over the public blockchain right from the distribution to the end user. The company is planning to launch its token in a pre-sale in November 2018.

Korea has been on the forefront in the cryptocurrency and blockchain space with the world third largest cryptocurrency exchange market after the United States and Japan. The Korean government is hinting plans to make ICOs legal again.

Eight sectors including the blockchain sector in the Korean economy would get an investment of around $4.4 billion in 2019 as per the announcement made by the finance ministry in August.