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.

Id-4157974_1280

Image source:

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.

We will continue to update Blocking; if you have any questions or suggestions, please contact us!

Share:

Was this article helpful?

93 out of 132 found this helpful

Discover more

Market

Ethereum Dencun Upgrade: A Game-Changing Boost for ETH 🚀

The highly anticipated Ethereum Dencun upgrade has successfully launched on the Goerli and Sepolia testnets and is no...

Blockchain

🚀 TIA Token Hits New All-Time High: Celestia on the Rise

Since its launch in 2023, Celestia (TIA) has experienced extraordinary success, reaching an impressive value of $20 a...

Market

Bitcoin's Bull Run Unveiling the Forces Behind the Rally and Setting Sights on BTC Price Targets

The recent surge in BTC prices has given investors renewed optimism, fueling speculation that the long-awaited bull m...

Blockchain

Blobs Launch on Gnosis Chain ahead of Ethereum's London Upgrade.

Gnosis Chain is taking a significant step in enhancing its ecosystem by integrating blobs. This strategic move also l...

Market

The Battle of Spot Bitcoin ETFs: Fee Wars and Custodian Competition

Several applicants for the Spot Bitcoin ETF have announced low fees in a savvy move to entice fund advisors, and expe...

Market

YieldMax’s Creative ETF Proposal: Dancing with MicroStrategy Derivatives

YieldMax has submitted a request to the SEC for approval of an ETF that provides monthly income based on MicroStrateg...