Seoul City to Invest $1 Billion in Blockchain Development
The authorities of the capital of South Korea are going to invest $1 billion in the development of blockchain technology and fintech startups by 2022.
For these purposes, the government plans to use the Seoul Innovation Growth Fund established last year. Its prime goal will be investing in blockchain and fintech startups at the initial stages of funding rounds.
According to Joe In-dong, the head of the economic department of Seoul, investment in innovative startups is a cornerstone for the corporate segment and venture capital companies. Therefore, the authorities are going to stimulate the development of the startups’ investment market and create an ecosystem that will help projects.
Moreover, the authorities of Seoul plan to start promoting startups this year. According to the plan, in 2019, the fund will allocate almost $20 million to projects. The government plans to use the remaining sum by 2022.