Korea Internet Security Agency (KISA) to Support Blockchain Startups With $9 Million Funds in 2020
October 30, 2019
Korea Internet Security Agency (KISA) to Support Blockchain Startups With $9 Million Funds in 2020
October 30, 2019

The Korea Internet Security Agency (KISA) will be supporting blockchain-related projects in 2020 with 10.5 billion won, about $9.0 million, in funding, but has ruled out supporting crypto projects or crypto exchanges.

On October 28 (Monday), according to an announcement from the agency, it will be the third year of such support from the KISA, which is under the Ministry of Science and ICT. The plans were discussed at a meeting held in Seoul on Friday last week.

According to Min Kyung-Sik, the Head of KISA’s blockchain center, about 10 projects will be chosen for next year while one or two of them will receive funding over a number of years. The maximum funding will be $1.2 million per project.

However, both public sector and private sector projects will be eligible to apply, and the application will be taken through November 11 with results to be announced on December 20. Likewise, the public sector includes any of the 400 government and government-related entities, such as central agencies, regional organizations, and public institutions.

ALSO READ :  Bitcoin’s Upcoming Taproot Upgrade To Go LIVE By The End Of 2021

While KISA ruled out the support of cryptocurrency projects and crypto exchanges, it does leave the door open for the projects pursued by major financial institutions that may involve tokens.

It has been said that the 2020 plan is a step back from the commitment this year. In 2019, 12 projects were supported with a total of $11 million of funding.

KISA blockchain

KISA notes that this year, the program included direct funding of $6 million and expense reimbursement of $5.4 million. However, the average funding per project will remain the same in 2020.

So, this year, projects included a donation platform, Hyundai Autoever’s used car service platform, and the Initial blockchain ID platform, which was supported by all the major phone companies in the country.

Other projects in 2019 included a records-management system for the National Archives, a network for the sharing of medical information, a system for food safety, an electric-vehicle battery record system and a carbon-emissions record system.

ALSO READ :  BitGo Launches New Prime Brokerage Services For Institutional Traders

Thus, during the meeting held last week, the Korea National IT Promotion Agency (NIPA) also promised continued support for blockchain-related projects.

Source: |


Crypto News Point a news platform of Digital Notice Media Labs is primarily a regular publication of information, commentary and articles focused extensively on fintech, blockchain technology, cryptocurrency, blockchain-based tokens, cryptocurrency market trends, and trading strategies. We do not provide individually tailored investment advice and does not take a subscriber’s or anyone’s circumstances into consideration when discussing investments, nor is Crypto News Point registered as an investment adviser or broker-dealer in any jurisdiction. Information contained herein is not an offer or solicitation to buy, hold, or sell any digital assets.

Affiliate Disclosure: To help support the work we do here at CNP, we often link to products and deals from around the web. Should you buy some of these, we may get a portion of the sale.

We in generally gather content from the major websites. In every article there is always a clear link and attribution to the source publication. If you have any issue with any of our published content taken from your site, kindly let us know so that we can take appropriate action. In any case, the content of the pages of this website is for your general information and use only. It is subject to change without notice.

You May Also like

Ishita Bora

Ishita Bora is a Senior Content Creator at Digital Notice Media Labs with experience of 1.5 years. She has completed her Master's Degree in Language and Linguistics in 2019 from Gauhati University, India. Her interest lies in blockchain technology and cryptocurrency space. She loves writing about blockchain and other blockchain-related articles.