Seoul Mayor Announces $88.2M USD Blockchain Fund

Blockchain, News | October 5, 2018 By:

Park Won-Soon, the mayor of South Korea’s capital Seoul, has unveiled a five-year plan to promote blockchain industries.

The initiative, dubbed “Blockchain City of Seoul,” includes startup funds and the creation of business complexes. Speaking in Zug, Switzerland on Thursday, Park said that the city plans to create a 100 billion won ($88.2M USD) public-private fund to invest in blockchain startups by 2022. The fund will acquire 13.6 billion won ($11.9M USD) from the city government.

“There’s no doubt blockchain is the core technology of the fourth industrial revolution, which will shape the future IT industry,” Park said. “I will make efforts to help Seoul become the center of a blockchain industry ecosystem.”

Seou is also planning to invest 60.3 billion won ($53.43M USD) by 2021 to build two business complexes in two districts of Seoul – Gaepo and Mapo – to house 200 blockchain-related companies. The goal is to train and develop at least 730 blockchain experts in the next five years.

“In the Gaepo Digital Innovation Park, we intend to build a separate blockchain building by 2021 to attract startups, small and medium-sized companies as well as conglomerates working in the field both in and out of the country to do more R&D work in the sector,” Park said.

The city will also experiment with blockchain technology in 14 projects over the next five years, including a voting system, charity management, and vehicle history reports.

“Part of the plan is to implement blockchain technology in the city’s administrative processes, which will set a precedent for all cities in Korea,” the mayor said. “Seoul is truly a testbed city for the technology. And I think if anyone, the city government of Seoul should lead this innovation.”