South Korea's blockchain company Iconloop receives $8 million in financing to build digital identity authentication services

Blockchain company Iconloop has received 10 billion won (about 8 million US dollars) from seven investment companies involved in Series A financing.

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According to the October 10 announcement, this is the first venture investment that Iconloop has acquired since its inception in 2016. Companies such as Korea Technology Finance Corporation (KOTEC) and TS participated in the investment.

Iconloop aims to build a blockchain-based identity authentication service plan, and the company will use the funds raised to launch its blockchain-based digital identity authentication service called "my-ID."

The company said that my-ID can be used to open a bank account without face-to-face verification and "allows ID authentication information to be saved to the user's mobile phone so that users can reuse this information for more accounts or access other A service that requires authentication."

In addition to the my-ID service, Iconloop will use the funds to further promote the my-ID alliance, which consists of 27 organizations from all walks of life, including banks, security companies, e-commerce and manufacturing companies.

South Korea's blockchain layout

In February of this year, the Seoul Metropolitan Government selected Iconloop's blockchain platform and issued a mobile appointment to its blockchain governance team. At the time, JH Kim, a member of the Icon Foundation Board and CEO of Iconloop, said that the company expects:

“The increase in government-led public blockchain use cases, and the release of this letter of appointment is a clear example of how to use blockchains in government.”

This summer, it was reported that the Korean capital is seeking to issue a city-wide digital currency called S-coin, which aims to encourage citizens to participate in governance, promote cooperation between citizens and collect information.

South Korea's oldest bank, Shinhan Bank, recently partnered with two other companies to develop a private key management system for its banking services. The first test of the new system is expected to take place in October.