Seoul to go big on blockchain, announces ‎₩100B startup fund, business complexes and more

Seoul Mayor Park Won-soon on Thursday announced a five-year plan to foster blockchain ecosystem, Yonhap News reported.

Park announced a number of initiatives that aim to make Seoul a hub for blockchain development and innovation. This includes setting up business complexes, startup funds, supporting blockchain-focused conventions, tours and other promotional events, and more.

"There's no doubt blockchain is the core technology of the fourth industrial revolution, which will shape the future IT industry. I will make efforts to help Seoul become the center of a blockchain industry ecosystem," Park said.

Under the five-year plan, the government plans to spend 60.3 billion won by 2021 on building two business complexes in western and southeastern districts, which will house 200 blockchain-related companies. These complexes will operate two training centers, which will focus on nurturing 730 experts in blockchain technology over the next five years.

In addition, the government is also planning to set up a 100 billion won public-private fund to invest in blockchain startups by 2022. According to the report, the city plans to pump 13.6 billion won into the said fund.

Earlier this year, Park announced his commitment to helping Seoul’s Mapo district become a center for blockchain incubation, CoinDesk reported.