South Korean blockchain company, ICONLOOP, announced that it has raised over 10 billion KRW, (over USD 8 million) in a Series A funding. This is the company’s first venture capital investment since its formation in 2016. South Korean blockchain company raises over $8M in Series A Funding.
T.S. Investment, Korea Technology Finance Corporation, along with five other investors, participated in the round.
ICONLOOP said it plans to release a new decentralized identity (DID) service called “my-ID”, in the first half of 2020.
My-ID serves as a virtual authentication tool that allows high-security transactions to take place without the need for face-to-face contact.
It allows users to store authentication keys for access to services such as necessary identification, financial transactions, password confirmation and other essential interactions on mobile devices.
It also seeks to expand my-ID Alliance, which currently has 27 organizations and businesses from different industries, to areas such as:
- Economic networking
- Health care
Jonghyup Kim, CEO of Iconloop, said;
“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.”
The loop chain is the first blockchain core engine in Korea developed by ICONLOOP. The company also launched CHAIN ID, the world’s first blockchain joint certification service with 26 domestic securities companies; Kyobo Life’s Smart Insurance Claim Service; and the Seoul Standard Blockchain Platform.
By successfully launching ‘ DPASS, ‘ a blockchain-based self-sovereign identity authentication system, ICONLOOP proved its unrivalled technology in the DID market.