ICONLOOP, a decentralized ledger solution for digital identity, has received its first venture capital investment.
The company has raised KRW 10bn ($8m) in Series A funding from seven investors. Backers included Korea Technology Finance Corporation (KOTEC) and T.S. Investment.
Proceeds from the round will primarily be used to launch its DID service ‘my ID’ and expand its my-ID Alliance.’ The scheduled launch for my-ID is during the first half of next year.
The South Korean FinTech was founded in 2016 and has built a blockchain solution to help companies authenticate identities. Financial institutions can use the system to authenticate customers, automate the clearing and settlement processes in investments, and ease the trading of investment products.
So far, there have been 27 organizations to join the my-ID alliance including banks, security firms, e-commerce companies, and manufacturers. Expansion plans will see ICONLOOP encourage businesses from the FinTech, e-commerce, sharing economy, and healthcare spaces to join the alliance.
ICONLOOP CEO Jonghyup Kim said, “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.
“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.”
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