South Korean Blockchain Firm Blocko Raises $7.4M USD In Series B+ Fundingbr>
South Korean blockchain firm Blocko has raised 9 billion won ($7.4M USD) in a Series B+ funding round, which saw participation from major domestic financial institutions, including LB Investment, Shinhan Bank, KEB Hana Bank, and Dadam Investment.
Founded in 2014, Blocko is an enterprise blockchain platform provider, specialized in general purpose blockchain platform, blockchain application, and blockchain consulting services. Its proprietary platform, Coinstack, provides essential functions for enterprise blockchain. In 2018, the company launched its blockchain protocol Aergo mainnet, which allows businesses to build innovative applications and services by sharing data on a trustless and serverless IT ecosystem. It has successfully established blockchain-based services with many companies and institutions in Korea, including the JB Bank, Korea Exchange, Hyundai Motor, Lotte Card, and others.
According to the company, it is also working with a number of national institutions, such as the Bank of Korea and the Korea Electronics and Telecommunications Research Institute, to expand the blockchain infrastructure.
“We will also showcase various blockchain-based solutions that can be utilized in the smart grid field, where it was difficult to implement effective business models with existing information (IT) infrastructure through collaboration with various corporate customers and institutions,” said Blockco CEO Kim Won-beom.