An undisclosed amount invested in the blockchain-based seafood startup, Seamon, by prominent South Korean superstar and businessperson, Bae Yong-Joon. Blockchain Seafood Trade Startup Gets Funding From Well Known Korean Movie Star.
Seamon head, Lee Jung-hoon, said that he can’t reveal the exact amount of Bae’s contribution. It is a significant sum worth more than several millions of South Korean won. At the time of writing, one hundred million won worth about $88,510.
According to Lee, Bae has been keen on food organizations, including marine items, for quite some time. When Lee asked Bae to become an advisor for the Seamon venture a month ago, he preferred to commit to an investment contract.
As per data from its white paper, Seamon is creating a blockchain-based seafood transaction and smart contract framework. The undertaking intends to make worldwide seafood purchases as transparent as would be prudent, diminish pointless costs, and accomplish quicker.
The group is additionally making a digital currency ‘the Seamon coin’, which will be utilized in payments. Also, as a unit of value. The white paper also mentions that in Q3 or Q4 of this current year. The company wants to start an exchange called SeamonX for the seafood exchanging market.
There are ongoing issues with the global exchange of marine items, for example, defaulting on installments, or late installments, that the undertaking intends to address. The report states that as the freshness of sea products rapidly expires, this is an especially imperative issue for which a solution is required.
Seamon tokens will be available for purchase from SeamonX. Import merchants will be able to make payments for products in real time. Lee said that exporters can trade the coins for fiat monetary standards like the U.S. dollar, or the stablecoin tether (USDT).
From March 25th, SeamonX is planning do a free dissemination, or airdrop, of around 5 billion won ($4.42 million) in tokens. The Seamon coin is on the BCEX trade with the ticker image SMEX already.
This news apparently marks Bae Yong-joon first known investment in a blockchain startup.