Iconloop, a South Korean blockchain firm, has successfully raised $8.3 million in its Series A funding round, led by the Korea Technology Finance Corporation. The round included TS Investment and five other investors and was the first venture capital investment since its origination in 2016.
As reported, the company will put the funds to use for the launch of my-ID, a blockchain-based digital identity authentication service, in the first half of the next year. Iconloop also looks forward to expanding its my-ID Alliance. The service currently has 27 organizations and companies from distinct companies and sectors like fintech, ecommerce, health care, and more.
Iconloop is specialized in the designing and implementation of blockchain technology. The firm has its proprietary blockchain engine called Loopchain, which is a developed open-source system. It also released a blockchain joint certification service known as Chain ID with 26 domestic securities companies. Earlier in 2019, it brought into light DPASS, a blockchain-based self-sovereign identity authentication service.