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Seoul to Become The World’s Next Major Blockchain Hub

Seoul government officials released a statement announcing a blockchain promotion project covering the next five years that will include a major fund. According to local reports, the city’s mayor is taking part in a rigorous project to improve blockchain development which includes a fund valued at millions of dollars and the establishment of complexes geared towards facilitating a growth of industry talent within Seoul's crypto sphere.


 

Building the World’s Next Blockchain Hub

During a speech held in Zug, Switzerland, October 4th, the South Korean Mayor, Park Won-soon, shared details regarding the plan he hopes will boost blockchain uses in South Korea's capital. The project which will span five years, involves the implementation of business complexes as well as a fund valued at more than $85 million equalling 100 billion South Korean won. Won-soon's visit to Switzerland is part of a European tour which will cover locations in Spain and Estonia throughout the rest of the week. Won-soon told media outlet, Yonhap, that he believes blockchain technology holds the key to unlocking the next industrial revolution and will play a major role in the future of industries such as IT. He stated that his efforts will aim to establish Seoul as a hub for the blockchain sphere.

The aforementioned complex will become the home to approximately two hundred and fifty venture businesses operated with blockchain technology, among whom will be the Ethereum Foundation. The mayor also noted that Seoul local government is assigning more than $50 million to establish two complexes over the span of the next two years. The buildings will house a minimum of two hundred firms pertaining to blockchain technology. In addition, both complexes will facilitate ongoing training programs for an expected seven hundred and thirty industry professionals across the five-year time frame.

Government Officials Roll Out Five Year Plan

According to ZDNet, the planned blockchain centers will be placed in the city district of Mapo covering over 2000 sq meters, and Gaepo which will span 600 sq meters by next year. The report states a plan to expand the Gaepo complex an additional 13,000 sq meters by two years time.

In an effort to further promote and expand blockchain development within the capital, Seoul officials have collaborated with a blockchain company called Ground X, owned by the nation’s major messaging app, Kakao. The partnership will focus on promoting blockchain implementation within the public sector division. A partnership has also been established with Samsung SDS to aid in future blockchain innovation.

Although South Korea maintains a strict standard of regulatory policies, government agencies are supportive of blockchain advancements. In September, the nation’s mail provider, the Korea Post,  took part in discussions with Finance giantm Goldman Sachs, regarding digital asset implementation.


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