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Samsung-Backed Blockchain Startup Raises $7.5M from Shinhan Bank

South Korean blockchain startup Blockco has secured 9 billion Korean won ($7.5 million) in a recent Series B+ funding round participated by major local banks.

Banks continue interest in blockchain

Backed by South Korea’s tech giant Samsung, Blockco announced the investment in a blog post on Aug. 22.

The funding round involved South Korea’s oldest bank Shinhan Bank and South Korea’s largest foreign exchange bank, Korea Exchange Bank, also known as KEB Hana Bank. 

Additionally, the new investment was also supported by healthcare-focused venture capital firm LB investment and the venture arm of Seoul-based entertainment startup Dadam Game.

Blockco backed by Samsung and Amazon

Founded in 2014, Blockco reportedly raised 1.5 billion won ($1.2 million) from Samsung Ventures in July 2016. As blockchain tech company in South Korea, Blockco established a blockchain-as-a-service platform called Coinstack back in 2015 and launched enterprise blockchain protocol Aergo mainnet in 2018.

As reported, Blockco participated in the development of permissioned blockchain system NexLedger in collaboration with Samsung Group and Amazon Web Services. Released in 2017, Nexledger is a permissioned blockchain system providing an integrated solutions for cost-efficient methods of managing digital financial transactions and data exchange.

Meanwhile, recently, Shinhan Bank was reported on the development of a blockchain-based stock lending platform in partnership with financial services company Directional. KEB Hana Bank and Samsung Electronics are members of the South Korean consortium that plans to launch a blockchain based mobile identification in the country in 2020.

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