Iconloop Secures $8 Million in Series A Funding for Blockchain Identity Project

Iconloop’s Funding Triumph

In a fantastic leap forward, Iconloop has managed to reel in a whopping 10 billion Korean won (that’s over $8 million for those using spreadsheets) from a pool of seven investment firms. This fundraising event marks the company’s first venture capital investment since it opened its doors back in 2016. Just imagine the newfound joy in the boardroom!

Powering Up with ‘my-ID’

So, what’s the plan for this windfall? Iconloop aims to launch its innovative blockchain-based digital identity service dubbed my-ID. This shiny new piece of technology promises to streamline how folks can open banking accounts without the hassle of in-person verification. Genius, right? Customers will be able to securely save their ID authentication info directly to their mobile devices. So, whether you’re signing up for a new bank account or binge-watching the latest series requiring identification, one swipe does the trick!

The my-ID Alliance

But wait, there’s more! Alongside the introduction of my-ID, Iconloop is keen on bolstering the my-ID Alliance, which currently boasts a robust roster of 27 organizations across various sectors—think banks, security firms, e-commerce giants, and even manufacturing companies. Essentially, they’re throwing a blockchain party, and it seems like everyone’s invited!

South Korea Embraces Blockchain

Now, if you’re wondering just how serious South Korea is about all this blockchain business, consider this: back in February, the Seoul Metropolitan Government chose Iconloop’s platform to issue mobile appointment letters for its Blockchain Governance Team. J.H. Kim, the leader of this venture and Iconloop’s CEO, expressed that this initiative could really showcase how governments can utilize blockchain. Who would’ve thought your appointment letter could be cool, right?

The Future: S-coin and Beyond

This summer, the buzz in South Korea has been around the city’s ambition to launch a native digital currency called S-coin. The goal? To encourage citizens to take part in their own governance and gather valuable information along the way. Oh, the mysteries of digital currency!

On another note, Shinhan Bank, the country’s oldest bank, has partnered up with a couple of tech buddies to develop a new Private Key Management System for its banking services, with tests rolling out as we speak, so keep your eyes peeled!