Largest South Korean Investment Company To Pump Into Blockchain Project
Korea Investment Partners (KIP), the largest South Korean investment firm, decided to invest in a blockchain startup for the first time, CoinDesk reports.
KIP will allocate funds for the development of the Temco project, which specializes in the creation of a system for tracking deliveries in small and medium-sized enterprises with the help of blockchain. Temco’s distributed ledger allows to store data and monitor the shipment of goods from the manufacturer to the consumer.
Temco is the most successful company for investments because of its business approaches. The startup vividly demonstrates the possibilities of blockchain technology, Jong Hyun Kim, a representative of the KIP investment and fintech council, stated.
KIP is widely known in South Korea for its investments in billion-dollar corporations. In particular, the country’s most famous search engine Naver and the Kakao company, which is known for the evolvement of the Kakao Talk messenger.
The decision of Korea Investment Partners can be considered a signal for other companies within the country to turn their attention to the developing blockchain technology. Besides, this step symbolizes the process of overcoming the mistrust on the way to innovative solutions. The financial regulators in South Korea enacted limitation of crypto trading operations, and many turned their attention to blockchain.
As previously reported, the South Korean government has allocated 4.4 million dollars for the 2019 budget, which will be used for the development of innovative technologies.