Prominent blockchain startup ICONLOOP has raised KRW 10 billion (over USD 8 million) in Series A funding. ICONLOOP, based in South Korea, says this is the first VC investment since its launch in 2016.
Investors included Korea Technology Finance Corporation (KOTEC) and T.S. Investment.
ICONLOOP will now focus on the launch of its DID (digital ID) service ‘my-ID’ and expansion of ‘my-ID Alliance’. ‘my-ID’ is planned to be launched as a commercialized service in the first half of next year. In total, 27 organizations and corporations from various fields including not only banks but also security firms, e-commerce companies, and manufacturing companies have made the decision to join the alliance.
It was announced earlier this year that Financial Services Commission (FSC), has included ICONLOOP’s “my-ID” service into their Innovative Financial Services and Regulations Sandbox created under the Financial Innovation Support Special Law in South Korea.
ICONLOOP says it will expand the my-ID Alliance to other industries such as Fintech, e-commerce, sharing economy, and healthcare to create a “pioneering example of digital identification utilizing blockchain.”
The Venture Investment Center at Korea Technology Finance Corporation, the lead investor in the round, said that blockchain technology is evolving into practical applications such as decentralized ID services in line with the global trend giving users back the personal data sovereignty.”
An unnamed representative stated:
“We believe ICONLOOP acquired technological advantages and know-hows from many major projects with various financial and public organizations and it will lead the growth of the blockchain industry in Korea after it dominates the market with its my-ID service.”
Jonghyup Kim, CEO of ICONLOOP, stated:
“I believe this investment shows that ICONLOOP’s blockchain technology and its marketability have been proven and the company would take the responsibility to boost the vitality of the overall market as a leading blockchain company in Korea.” He added, “ICONLOOP will continue relentless efforts to provide blockchain technologies and platform that can be implemented into the entire industry and help the general public embrace blockchain technologies, contributing to building a more convenient and trustworthy society.”
Based on a proprietary blockchain engine, loopchain, ICONLOOP seeks to create innovations in financial transactions and digital currency.