The Largest Venture Firm Of South Korea Supported The First Blockchain Startup
Korea Investment Partners (KIP), the largest venture capital company in South Korea which is promoting growth of promising businesses for the past 30 years, is investing in its first blockchain startup. KIP is managing over 20 funds total size over 1.5 billion USD. Every year, KIP invests about 50 companies from Korea, China and the U.S.
KIP invests an undisclosed amount of money in Temco, a blockchain-based startup that seeks to revolutionize supply chain management systems for small and medium businesses using blockchain technology. In particular, according to the Temco website, suppliers can track the movement of products from distribution to possible consumption on the blockchain, and then share the data.
KIP is widely regarded for investing in major billion-dollar Korean enterprises, such as the country’s largest web search engine, Naver and Kakao, the country’s dominant mobile messaging application operator Kakao Talk.
The news also signals some thawing resistance from the still-nascent blockchain industry after domestic financial regulators in South Korea imposed strict restrictions on selling and other cryptocurrency transactions about a year ago. Since then, support for more friendly blockchain policies has been significantly renewed.