Blockco’s Comics: How a $7.5 Million Funding Round Fuels South Korea’s Blockchain Revolution

Funding Galore: A Financial Fiesta

Blockco, the South Korean blockchain startup that’s making waves faster than a kpop idol’s hair flip, has raised a whopping 9 billion Korean won (about $7.5 million) in a Series B+ funding round. This money move, reported on August 22, drew in major players like Shinhan Bank, the oldest financial institution in South Korea, and KEB Hana Bank, the banking powerhouse known for foreign exchanges. Talk about a bank heist—but the kind that benefits everyone!

Samsung’s Secret Sauce

Samsung, a name synonymous with all things electronic and fabulously futuristic, has been backing Blockco since forever. They initially invested 1.5 billion won (around $1.2 million) via Samsung Ventures in 2016. It seems clear that Blockco is the golden child in Samsung’s tech family, and parents always get their favorite what they need—like a dazzling new funding round!

The Big Blockchain Picture

Blockco’s true superpower lies in its blockchain-as-a-service platform, Coinstack, launched back in the golden days of 2015. And let’s not forget the steamrolling success of their Aergo mainnet, launched in 2018. Being in the business of streamlining digital transactions, they partnered with Samsung Group and Amazon Web Services to create NexLedger, an efficient way to manage digital financial transactions through blockchain. If you thought your bank was cutting-edge, think again!

All Aboard the Blockchain Train

Recently, Shinhan Bank also announced plans for a blockchain-based stock lending platform, teaming up with the financial services firm Directional. Meanwhile, KEB Hana Bank is busy perfecting a blockchain mobile ID system, alongside tech giant Samsung Electronics. Sounds like South Korea has its eyes set on making the blockchain the new black in financial tech.

Future Forces: Setting Sail with Capital

The investment from LB Investment, a healthcare-focused venture capital firm, and the entertainment startup Dadam Game shows that Blockco is not just banking on banks; they’re diversifying their magic trick bag! The future is bright for Blockco, and as they continue to grow, we can only wonder what crazy blockchain ideas they will conjure up next. May we soon see a holographic bank teller?