ICONLOOP continues to earn the confidence of investors.

The leading South Korean blockchain company announced last week that it secured KRW 6 billion (about USD 5 million) in bridge round funding.

With the latest score, ICONLOOP has secured a total of KRW 16 billion (appr. $13.4 million).

Some seven investment companies took part in the latest funding: K-Growth, Danal Holdings, Kiwoom Investment, KClavis Investment, TS Investment, KoreaAsset, and Pathfinder H. 

K-Growth, which had previously used its KRW 120 billion fintech innovation fund to directly invest in ICONLOOP, led this round of investment, too. The state-invested fund-of-funds is reportedly impressed with the blockchain company’s growth potential ahead of the launch of its DID service “MyID,” set for the third quarter.

A K-Growth spokesperson said at the time of the announcement that ICONLOOP was the only company with a DID solution that could be immediately deployed in the financial sector. 

Also in the Korean blockchain space…

(By Felipe Erazo, CoinTelegraph, July 2)

Non-governmental organization the Commons Foundation wants to develop a blockchain-based platform to research epidemics. The move is in part due to violations of privacy witnessed during the COVID-19 pandemic. According to Digital Today, the NGO will rely on blockchain public services to create an epidemiological research system to suit the coming post-coronavirus era,” writes CoinTelegraph. The article quotes a statement from Choi Yong-gwan, chairman of the Commons Foundation, who expressed concerns regarding the ongoing violation of personal information due to the pandemic emergency.”

(By Park Sae-jin, Aju Business Daily, July 6)

The tourist destination of Jeonju has rolled out a demo of a blockchain-based payment system to use at popular sites such as Hanok Village and Nambu Market. Tourists can use a digital payment app that provides a secure online payment service as well as travel-related services including GPS-based travel information,” writes Aju Business Daily. Affiliated stores were provided with free PR and marketing services and were exempted from transaction fees.”

(By Tim Alper, CryptoNews, June 30)

As we mentioned last week, the South Korean government is investing big in blockchain development, prompted in large part by the coronavirus pandemic. In particular, the government wants to improve consensus speeds and develop more effective algorithms.

(By Ledger Insights, July 7)

South Korea’s SK Telecom and LG U+ have launched the “Initial Mobile Phone Insurance Compensation Service”, which can process insurance claims without having to submit paper statements and receipts from a repair center. Which makes life a lot easier for everyone involved.

(By Sam Chambers, Splash247, July 6)

Unmanned ports? That’s what the South Korean government is thinking. Busan, the nation’s top port, will lead a government project involving eight other port authorities, to develop core technologies and commercialise an unmanned smart port logistics system,” writes Splash247. The $12m project, backed by the Ministry of Science among others, will look to harness artificial intelligence, big data, Internet of Things (IoT) and blockchain to increase efficiency and security. Locally developed sensors for autonomous port vehicles and technologies for remotely controlling equipment will be included in the project.”