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South Korean Blockchain Startup Raises $8M for Identity Authentication

Iconloop secures 10 billion Korean over $8 million in a Series A funding round from seven investment companies.

As per an Oct. 10 report, it’s the first financial venture capital investment of the Blockchain startup since its establishment in 2016.

It had participation from companies such as Korea Technology Finance Corporation (KOTEC) and T.S. Investment, among others.

Blockchain-Based Identity Authentication

Iconloop is planning to allocate the raised funds to launching its blockchain-based digital identity authentication service called “my-ID”.’

The company states that my-ID can open for banking accounts without face to face interaction for verification process and “allows for ID authentication information to be saved to the user’s mobile phone so that users can reuse said information to open further accounts or access other services that require identification.”

The funding will be used for the further promotion of my-ID Alliance consisting of 27 organizations from various industries, including banks, security firms, e-commerce, and manufacturing companies.

South Korea Towards Blockchain

The Seoul Metropolitan Government will use Iconloop’s blockchain platform to issue mobile letters of appointment to its Blockchain Governance Team.

J.H. Kim, the council member of the Icon Foundation and CEO of Iconloop, said:

“The increase in public blockchain use-cases led by government, and this appointment letter issuance is a starting point to show a clear example of how blockchain can be used in government.”

In February, the Seoul Metropolitan Government chose Iconloop’s blockchain platform to issue mobile letters of appointment to its Blockchain Governance Team.

Digital Drivers License in South Korea

South Korea is also launching a plan in developing a blockchain-based digital driver’s license in collaboration with the country’s three leading mobile carriers.

The initiative has been approved by South Korea’s Ministry of Science and ICT and law enforcement. The app is reportedly said to be available by the “early 2020s”.

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