October 02, 2018 | AtoZ Markets – Korea Investment Partners (KIP) announced today investing into a blockchain startup.
Temco- the first blockchain company in South Korea, aims to revolutionise the supply chain systems for small-to-medium-sized businesses, according to KIP- the largest venture capital firm in the state.
The new startup informed on its website, that vendors will have the opportunity to track the movement of products, starting from the distribution phase, to eventual consumption on a blockchain, with the ability of sharing the data.
“Temco is more than prepared to disrupt contemporary supply chain process,” Jong Hyun Kim- the FinTech investment board member of KIP, disclosed in the official press release.
Kim pointed to that Temco “exceeds business solutions”, seeing it as a “prime example pf the potential of blockchain technology.”
South Korea Opens for Blockchain
It is worth mentioning that KIP is reportedly known of its major billon dollars investment in the country, and some of its notable enterprises are Naver- the largest web search engine in the country, and the mobile phone messaging app Kakao talk, which is regarded to be the main phone messaging software in the country.
Observers read the step as an openness toward the blockchain industry in the country, after South Korean financial regulators imposed tough restrictions on it a year ago, with regard to the sale and crypto-related operations.
In his turn, Won Hee-ryong – the governor of the province of Jeju, had made a proposal early in August, calling for making the Jeju Islands as a free zone for crypto startups which wish to be involved in initial coin offerings (ICOs).
Media sources reported that the South Korean government has yet invested over $880 million in 2019 to boost technological innovation in the country, which included developing the blockchain technology for “data management security and boosting the sharing economy”.