Samsung backed South Korean blockchain startup Blocko raised $7.5 million in a Series B funding. South Korea’s leading bank Shinhan and South Korea’s largest foreign exchange bank, Korea Exchange Bank invested in the blockchain project.
Blocko was founded in 2014 and secured massive funding from the tech giant Samsung few laters worth 1.2 billion dollars. Blockchain tech company Blocko established itself as a service platform called Coinstack back in 2015 and in 2018 launched its blockchain protocol Aergo mainnet.
Blocko, in collaboration with Samsun and Amazon web services, participated in the development of the blockchain system NexLedger in 2017. NexLedger provides a cost-efficient solution for managing digital financial transactions and data exchange.
South Korea is among the leading countries who are adopting blockchain technology. EB Hana Bank and Samsung Electronics, among other companies, are collaborating to launch a blockchain-based mobile identification system by next year.