A $100 million Korean blockchain investment
A $100 million Korean blockchain investment
Blockchain

A $100 million Korean blockchain investment

By Fabio Lugano - 4 Oct 2018

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The city of Seoul, Korea, will create a real estate complex to house 200 companies involved in the development related to blockchain technology, as well as making available a fund of 100 billion won (about 72 million euros) to finance the best talent in the field.

The public announcement comes from the Mayor of the city, Park Won-soon.

The fund will be created with the participation of public and private funding and provides that the 100 billion will be increased over a five-year period to reach 123 billion.

In this way, in collaboration with the private sector, the city wants to promote the development of an ecosystem for emerging technologies.

The companies will be located in the districts of Gaepo and Mapo.

The buildings are already partly existing and are currently able to accommodate about seventy companies, but by 2021 a new business centre will be built in Gaepo, the Global Block Center of 13 thousand square meters that will be able to accommodate another 120 companies.

Seoul has already made two important collaborations in the blockchain sector: the first with Ground X, the subsidiary of the messaging company Kakao for the development of the blockchain for the public sector, and the second with Samsung SDS, a subsidiary of the Korean conglomerate engaged in the development of a blockchain-based business platform.

Fabio Lugano
Fabio Lugano

Graduated with honors from Bocconi University, Fabio is a consultant for companies and wounded shareholders of the Banche Venete. He is also the author of "Scenari Economici", and lecturer and analyst of cryptocurrencies since 2016.

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