• Days
  • Hours
  • Mins
  • Secs
  • Sun, 15 Sep 2019, 08:20 AM
  • All times are UTC
  • Edition:
    International
Copy link
Increase text size
Decrease text size
Link copied

Seoul Metropolitan Government to support blockchain startups via $1B innovation fund

Wed, 20 Feb 2019, 04:40 am UTC

The Seoul Metropolitan Government has announced that it will invest 1.2 trillion won ($1.07 billion) in startups by 2022 via an investment fund, CoinDesk reported.

The investment will be made via the Seoul Innovation Growth Fund, which was announced last year. The government seeks to support startups that struggle to attract seed or Series A funding, including those working with blockchain technology.

For the current year, the government is planning to invest a total of 21.65 billion won. Of this amount, 13.25 billion won ($11.75 million) will be invested in the first half across five segments: 2 billion won ($1.77 million) each will go to Fourth Industrial Revolution, Smart City, and cultural content projects; 2.25 billion won ($2 million) towards startup support; and 3 billion won ($2.66 million) into rehabilitation support.

Blockchain-based projects are expected to be supported among the 23 revolutionary technologies through the Fourth Industrial Revolution or Smart City allocations of the fund.

“Innovative start-up investment will be the cornerstone of corporate growth … in our society,” Jo In-dong, head of the economic policy department within the Seoul Metropolitan Government, said (as quoted by CoinDesk).

Earlier this month, blockchain project ICON has announced that the Seoul Metropolitan Government issued mobile letters of appointment to its Blockchain Governance Team using its public blockchain.

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
More
  • Bitcoin (BTC) $10,346.10 (+0.09%)
  • Ethereum (ETH) $188.06 (+4.03%)
  • XRP (XRP) $0.262800 (+2.78%)
  • Bitcoin Cash (BCH) $305.02 (+2.25%)
  • Litecoin (LTC) $70.50 (+2.51%)
  • Bitcoin (BTC) $10,346.10 (+0.09%)
Sep 13, 2019 (Friday)
11:12
Libra Association head confident about crypto launch in H2 2020
10:42
Blockchain industry welcomes Mastercard-R3 collaboration, but skeptical about the future of private networks
09:52
tZERO to bring blockchain to film financing via new partnership
09:11
France mulls blocking Facebook's Libra project on European soil as FINMA chief weighs pros and cons of the cryptocurrency
07:26
Thailand's PTT, Energy Web Foundation to develop blockchain renewable energy marketplace
07:17
Russia’s Alfa-Bank launches liquidity management service on Waves Blockchain
06:40
Zelle co-founder Mike Kennedy replaces Adam Ludwin as CEO of Interstellar
06:34
Crypto Technicals: XMR/USD recovery lacks traction, price action capped below 21-EMA (75.86)
05:56
Crypto Technicals: BTC/USD trades range-bound, no clear directional bias
05:03
PundiX to launch a fully blockchain-powered phone Blok on Blok (BOB)
04:54
Cryptokitties maker Dapper Labs secures $11.2M to develop blockchain Flow, scores deals from Warner Music, Ubisoft
04:48
Crypto exchange Huobi likely to attempt backdoor IPO in Hong Kong
03:49
Binance's NYDFS-approved stablecoin BUSD is now live on Paxos, to be listed on Binance next week
03:33
Deutsche Telekom's T-Labs launches blockchain e-mobility pilot 'Xride'
Sep 12, 2019 (Thursday)
12:24
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
12:13
Binance Futures to go live on September 13
11:43
Santander issues $20M bond using Ethereum blockchain
08:55
Binance US to open user registration next week
07:38
Marshall Islands to launch a pre-sale for its blockchain-based national cryptocurrency
06:38
United Kingdom leads with most number of registered cryptocurrency exchanges: Study
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft