Business, Cryptocurrency News

KIP – South Korea’s Major Venture Firm Investing In Blockchain Startup.

According to a recent made by the  KIP today i.e 2nd Oct., it stated that its investing an unrevealed amount of cash into Temco which is a blockchain-based startup that aims to revolutionize supply chain management systems for every sized businesses [SME’s] employing blockchain technology. Specifically, in line with Temco’s web-site, vendors would be able to track the movements of product from distribution to ultimate consumption based on the blockchain technology, and then share the additional information.

In line with the official press release,  Jong Hyun Kim, the fintech investment board member of KIP added:

“Temco is eventually ready to disrupt contemporary supply chain method. Not solely Temco would exceed existing business solutions, however would also play as a primary example of the potential of blockchain technology.”

KIP is well known regarded for its investment in major billion-dollar Korean enterprises like the country’s largest web search engine, Naver, and Kakao, the operator of the country’s dominant mobile messaging application named ‘Kakao Talk.’

The news additionally signals a thawing of some resistance to the still-nascent blockchain ecosystemafter domestic monetary regulators in the country set down strict restrictions for the sale and other operations of crypto’s a couple of year ago. Since then, there has been appreciable revived support for friendlier policies toward blockchain.

For instance, in early Aug., the governor of Jeju province, Won Hee-ryong, planned permitting South Korea’s Jeju Islands to become a alleged free zone for crypto startups that needed to conduct ICO crowd-funding.

Even in last month, the South Korean govt. was rumoured to be investing over more than $880 Mln in 2019 to spice up technological innovation within the country, with some of that fund going into developing blockchain technology for “data management security and boosting the sharing economy.”

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