Blockchain startup welcomed by the largest venture capital firm. Temco is a blockchain based startup in South Korea that specializes in supply chain management. In what seems to be a major achievement for this firm is that it seems to have unlocked huge opportunities for firms in South Korea to invest in blockchain technology.
Eventually, the company is funded by South Korea’s largest venture capital firm Korea Investment Partners ( KIP). Although the amount of investment is not known yet, KIP believes that Temco can revolutionize the SME world because it facilitates the tracking of products from distribution to consumption.
This is a trustworthy move for other companies to invest in blockchain because KIP had previously invested in country’s largest web browser Naver and firm behind Kakao talk, which went on to be the country’s most used messaging app on mobile phones. And all these investments turned out to be a huge success.
This has also believed to have created a soft and friendly environment towards cryptocurrencies in South Korea. Initial strict rules and policies are taken down. This is in order to support the blockchain industry that will bloom in the upcoming years.
Jeju islands can be “free zone” for cryptocurrency firms to conduct ICOs, said the Governor of Jeju. Around $880 million funds towards technology being directed towards blockchain in order to support the blockchain industry.