Korean blockchain startup Blockco has won $ 9 billion ($ 7.5 million) in funding from major local banks.
The financing round involved the oldest bank in South Korea, Shinhan Bank and the largest foreign exchange bank in South Korea, Korea Exchange Bank, also known as KEB Hana Bank. Also, two other investors were LB investment and the Seoul-based investment firm Dadam Game.
Blocko works on building blockchain services dedicated to companies and has collaborated with several national institutions. These include the national stock exchange, the Bank of Korea, Hyundai and the Korean Telecommunications and Electronics Research Institute.
Tool for companies and institutions
Founded in 2014, Blockco was funded by Samsung Ventures with 1.5 billion won ($ 1.2 million) in July 2016. The start-up set up a blockchain-as-a-service platform called Coinstack in 2015 and Launched the Aergo Enterprise Blockchain Protocol in 2018.
The Aergo Enterprise platform approaches
“The growing need for data sharing between industries and companies in areas such as identity verification, document management and the Internet of Things.”
Since launching in May 2018, Aergo Enterprise has been used by over 10 companies and institutions in South Korea and abroad.
Blockco also participated in the development of the NexLedger blockchain system in collaboration with Samsung Group and Amazon Web Services. Launched in 2017, Nexledger is a blockchain system with restricted access. It offers integrated solutions for efficient methods of managing digital financial transactions and data exchange.
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