Korea Investment Partners (KIP), the largest venture company in South Korea, became an investor of blockchain startup
On Tuesday it became known that KIP has invested an undisclosed sum in a blockchain startup Temco, whose goal is the improvement of systems of supply chain management for small and medium business through blockchain technology. On the official website of Temco says that suppliers will be able to track the movement of products from distributors to potential consumers via the blockchain, and then exchange these data.
Jong Hyun Kim, the fintech investment board member of KIP, said:
"Temco is ready to change the modern logistics process. Our project is not only superior to existing solutions for business, but is a vivid example of the potential of blockchain technology".
Korea Investment Partners is widely known as an investor of multi-million dollar enterprises in South Korea. For example, the company invested in the largest search engine Naver, and Kakao mobile operator, which owns popular messaging app Kakao Talk.
The latest news testify to increase of level of loyalty to the nascent industry of the blockchain, even though in the past year, South Korean financial regulators have imposed restrictions on sale and other operations with cryptocurrencies.
In August of this year, the governor of Jeju province Won Hee-ryong proposed to establish on the island of Jeju a "free zone" for cryptocurrency startups that want to conduct ICO. In September, the South Korean government announced to invest 880 million USD in the technological development of the country. Part of the money will go on development of blockchain technology for data management security and boosting the sharing economy.