Blockchain Startups in Korea
There’s been ban on ICOs. Therefore, the Financial Services Commission of Korea early this year released a paper detailing financial measures to curb speculations in Cryptocurrency trading. Furthermore, Blockchain startups in Korea are dealing with highs and lows due to regulations.
To be or not?
Crypto exchange firms have had their share in pitfalls concerning the Blockchain-Crypto spheres. Coinrail recently suffered a massive hack in its exchange trading platform leading to a loss of about $37 million.
Despite all these setbacks, there seem to be several Blockchain startups springing up in Korea. Even the Mayor of Seoul reportedly announced the City’s ambition of launching it’s own Crypto and providing a conducive environment for Blockchain startups to thrive.
Will these Blockchain startups bolster Korea’s fourth industrial revolution plan?
Let’s take a look at 13 Blockchain startups in Korea that are poised for the future. They span across multiple services such as real estate, fintech, industries and many more.
ICON wants to take over the world of blockchain. Currently, they are the largest blockchain network in Korea, providing blockchain sharing ledger for industries such as securities, banks, insurance, universities, and hospitals. ICON is making giant leaps in their network due to their open-source technology.
The Danamu and Kakao backed crypto trading exchange platform seeks to make huge leaps after it was launched in October 2017. It, however, boasts over 1 million users and KRW 10 trillion in daily trading volume. In addition, Danamu which operates Upbit has already outlined huge plans to invest up to US$93 Million in Blockchain Startups. Therefore, this will make Upbit a force to reckon among the Crypto-exchange competition.
Blocko’s Coinstack provides a platform for Blockchain Solutions in Korea. Furthermore, enterprises and individuals can easily build their blockchain infrastructure on Blocko. They’ve already eyed global markets by establishing their presence in Hong Kong and London. Blocko has recently secured $8.9 million in Serie B funding from Samsung Ventures, Sparklabs ventures, and Posco Capital.
Deblock is a Blockchain accelerator that pursues a decentralized, secure, and transparent pre-ICOs. In addition, they have plans of investing blockchain projects, support blockchain business models and entrepreneurs and provision of office space.
Proof Suite is one of the fastest growing Blockchain Fintech companies in Korea having raised over $3.1 Million through Blockchain crowdsale. Furthermore, they provide retail and institutional platforms for Blockchain-assets such as Bitcoin and Ether.
Korbit is world’s first Crypto-exchange company that started offering Bitcoin-Korean Won exchange. Holders can easily exchange, buy and sell Cryptocurrencies on their secured web platform. It has raised over $3.6 Million won from top investors and envisions to utilize Blockchain technology for rapid growth and expansion.
TheLoop is in the Blockchain business of smartly connected society. Therefore, they provide total private blockchain solutions for such projects. This has led them to create a new digital currency, ‘loopcoin’ to facilitate the interconnectivity. Furthermore, other business projects include loopchain financial investments consortium and Loopchain Insurance solutions.
Foresting is a brand new mobile social media service based on Blockchain technology. They reward content creators and curators through a new concept of social media token operation. In addition, they intend to disrupt the Blockchain SNS business models with their Foresting Social Media Services, Foresting foundation crowd donation, and Foresting Digital bank system.
Online advertising is fraught with a lot of mistrust. Therefore, this is the reason why Sam Kim and his team at Lucidity has created the blockchain protocol to bring more transparency into digital advertising. Lucidity verifies marketing analytics on the Ethereum blockchain so that online ads can be transacted with trust. Lucidity is a real game changer.
Coinone is developing series of Blockchain related businesses on the Coinone exchange platform. In addition, they have built ‘Cross,’ a remittance solution platform built on Blockchain, to enable safe and faster money transfer among friends and families across the globe.
Kodebox is a blockchain technology company that creates and manage smart asset management systems. Furthermore, Kodebox’s main product, ‘CodeChain‘ is a programmable open-source blockchain technology that seeks to develop multi-asset management system and bring transparency into the gaming industry.
MDL is looking to disrupt the talent acquisition and hiring industry with their global trustchain technology. Their name MDL stands for Mining Distributed Ledger. It is a blockchain-based platform for hiring talents; by connecting performers to gigs and brands to the audience. In addition, their first ITO (Initial Token Offer) raked in $2.4 Million and puts it in a better position for scalability and adoption by the talent sourcing industry.
Mavlux’s business is simple. They develop solutions based on Peer-to-Peer (P2P) and Blockchain technologies. Therefore, they have also developed ‘iChart,’ a medical database built on blockchain technology to allow secured sharing of information among hospitals.