South Korea’s $100 Million Ok-Development Fintech Innovation Fund to Present Funding to Blockchain Mission, ICONLOOP

ICONLOOP, ICON’s technical associate, has reportedly been chosen to obtain funding from Ok-Development’s $100 million Fintech Innovation Fund.

Markus Jun, founder and CEO of ICON’s Accelerator Associate and Seoul Launchpad of ICXStation, HyperConnector (on-line accelerator for the ICON ecosystem), famous by way of Twitter that certainly one of Korea’s largest fund-of-funds, which is supported by the South Korean authorities can be offering capital to ICONLOOP.

ICONLOOP is certainly one of six different companies chosen to obtain funding.

Jun stated that promising corporations from the Huge Information, blockchain-enabled DID, robo-advisor, music copyright, finance AI and supplies finance have been chosen to obtain growth funding.

Jun claims that ICONLOOP was the one blockchain-powered (decentralized identifier) DID firm chosen.

South Korea’s ICONLOOP reportedly works with greater than 140 blockchain business professionals, and has offered distributed ledger know-how (DLT) options to established companies and governmental businesses since 2016.

Jun remarked:

“ICONLOOP’s DID, MyID, which has confirmed itself as a number one tech, … has been chosen as an Revolutionary Monetary Service by the Korean Authorities’s FSC. By MyID, we’re getting ready to result in innovation to the Fintech business in Korea.”

He added:

“ICONLOOP will proceed to prepared the ground in spearheading blockchain primarily based initiatives and options not solely within the Fintech house, however throughout numerous completely different industries.”

The DAYLI Monetary Group, one of many nation’s  largest Fintech teams, established Seoul-based ICONLOOP as a subsidiary in Could 2016.

The corporate was beforehand generally known as “theloop,” and later modified to its present identify (ICONLOOP) in August 2018 as a part of a product rebranding.

ICONLOOP has created its personal blockchain-powered engine, loopchain, which is used for numerous Web providers.

ICONLOOP’s tasks are non-public enterprise DLT platforms primarily based on loopchain. The corporate has teamed up with Samsung, Naver LINE and SK to work on numerous initiatives.

Moreover, the corporate works on tasks that assist public Korean organizations together with the Seoul Metropolitan Authorities.