One of the largest South Korean blockchain firms, ICONLOOP, has announced that the company raised ten billion Korean Won (over 8 million USD). The company’s Series A funding saw participation from numerous South Korean companies, including the Korea Technology Finance Corporation (KOTEC). T.S. Investment also took part in the financing round.
With the latest pump of funds, the company will focus on developing its Decentralized ID (DID) service dubbed as my-ID. The company will also work on expanding the my-ID Alliance. my-ID is still in development and planned for launch in the first half of the next year.
my-ID is a mobile ID service that utilizes blockchain technology. The service is supported by ICONLOOP’s DID technology. The service has been recognized as an Innovative Financial Service earlier in June.
ICONLOOP’s my-ID Alliance.
Till now, twenty-seven companies and organizations have decided to join the Alliance. These include various banks, security firms as well as manufacturing companies as well as firms from various other fields of industry.
Now ICONLOOP is looking to expand the Alliance further. The main focus is expanding my-ID into industries such as fintech, e-commerce, and healthcare. ICONLOOP hopes to create an ideal identification service built on the blockchain technology.
The companies that invested in the funding round believe in the potential of such an identification service that pivots on blockchain technology. An official from KOTEC expressed his belief in the company by stating that ICONLOOP has acquired the appropriate technology and experience to lead the markets. The official believed that the company would dominate the markets with its my-ID service.