Samsung-Backed Blockchain Startup Raises $7.5M from Shinhan Bank


South Korean blockchain startup Blockco has secured 9 billion Korean won ($7.5 million) in a recent Series B+ funding round participated by major local banks.

Banks continue interest in blockchain
Backed by South Korea’s tech giant Samsung, Blockco announced the investment in a blog post on Aug. 22.

The funding round involved South Korea’s oldest bank Shinhan Bank and South Korea’s largest foreign exchange bank, Korea Exchange Bank, also known as KEB Hana Bank.

Blockco backed by Samsung and Amazon
Founded in 2014, Blockco reportedly raised 1.5 billion won ($1.2 million) from Samsung Ventures in July 2016. As blockchain tech company in South Korea, Blockco established a blockchain-as-a-service platform called Coinstack back in 2015 and launched enterprise blockchain protocol Aergo mainnet in 2018. Released in 2017, Nexledger is a permissioned blockchain system providing an integrated solutions for cost-efficient methods of managing digital financial transactions and data exchange. KEB Hana Bank and Samsung Electronics are members of the South Korean consortium that plans to launch a blockchain based mobile identification in the country in 2020.


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