The very first VC funding for the reason that basis, resulting in a robust floor for its DID service, ‘my-ID’
Good day from ICONLOOP,
ICONLOOP has introduced that it raised KRW 10 billion (over USD eight million) in Collection A funding. That is the very first VC funding since its formation in 2016.
Seven funding firms together with Korea Know-how Finance Company (KOTEC) and T.S. Funding participated on this spherical. Having achieved the Collection A funding, ICONLOOP will give attention to the launch of its DID service ‘my-ID’ and enlargement of ‘my-ID Alliance’. ‘my-ID’ is deliberate to be launched as a commercialized service within the first half of subsequent 12 months.
In whole, 27 organizations and firms from numerous fields together with not solely banks but additionally safety corporations, e-commerce firms, and manufacturing firms have made the choice to hitch the alliance. Beginning with the monetary sector, ICONLOOP will develop the my-ID Alliance to different industries resembling fintech, e-commerce, sharing financial system, and healthcare to create a pioneering instance of digital identification using blockchain.
An official from the Enterprise Funding Middle at Korea Know-how Finance Company (the lead investor within the spherical) stated, “The blockchain expertise is evolving into sensible purposes resembling decentralized ID companies according to the worldwide pattern giving customers again the non-public knowledge sovereignty.” The official was additionally quoted as saying, “We consider ICONLOOP acquired technological benefits and know-hows from many main initiatives with numerous monetary and public organizations and it’ll lead the expansion of the blockchain trade in Korea after it dominates the market with its my-ID service.”
Jungsu Kim, a board member of the funding crew at T.S. Funding, was quoted as saying, “The market has been paying better consideration to DID companies and I’ve a excessive expectation on ICONLOOP because it already has the three pillars of success — clear enterprise mannequin, companions taking part in service enlargement, and confirmed applied sciences.”
Jonghyup Kim, CEO of ICONLOOP, said, “I consider this funding exhibits that ICONLOOP’s blockchain expertise and its marketability have been confirmed and the corporate would take the duty to spice up the vitality of the general market as a number one blockchain firm in Korea.” He added, “ICONLOOP will proceed relentless efforts to offer blockchain applied sciences and platform that may be carried out into your complete trade and assist most people embrace blockchain applied sciences, contributing to constructing a extra handy and reliable society.”
ICONLOOP developed and opened sourced ‘loopchain’, the primary blockchain core engine in Korea. ICONLOOP additionally launched CHAIN ID, the world’s first blockchain joint certification service with 26 home securities firms, Kyobo Life’s Good Insurance coverage Declare Service, and Seoul Customary Blockchain Platform.
This 12 months, ICONLOOP proved its unmatched expertise within the DID sector by efficiently launching ‘DPASS’, a blockchain-based self-sovereign id authentication service. As well as, ICONLOOP is constructing real-life utility instances of blockchain by establishing a regulatory basis for precise DID service in Korea as ‘my-ID’, a blockchain-based cellular ID service powered by ICONLOOP’s personal DID expertise, was designated as an Progressive Monetary Service in June.
ICONLOOP official websites
Homepage : https://www.iconloop.com
Medium (ENG) : https://medium.com/@ICONLOOP1
Brunch (KOR) : https://brunch.co.kr/magazine/iconloop
Fb : https://www.facebook.com/loopchain/
Contact : [email protected]