South Korea blockchain startup ICONLOOP has raised more than $8 million (10 billion KRW) in its Series A funding round.
Venture firm Korea Technology Finance Corporation (KOTEC) led the project, along with other participants such as T.S. Investment and many other firms. In an announcement published on their blog on Thursday, October 10, 2019, ICONLOOP stated that the project was the “very first” venture capital since its launch in 2016.
Speaking about the development, ICONLOOP CEO Jonghyup Kim said:
“I believe this investment shows that ICONLOOP’s blockchain technology and its marketability have been proven and the company would take the responsibility to boost the vitality of the overall market as a leading blockchain company in Korea.”
ICONLOOP to Expand Decentralized ID Solutions
The blockchain company intends to use the acquired capital to initiate a new decentralized identity (DID) service known as “my ID” scheduled for the first half of 2020. My-ID is a digital ID authentication service powered by blockchain technology. It allows users to authenticate an ID using a mobile phone so they can more easily access services that require identification such as financial products.
Regarding their efforts to implement more blockchain-based technologies, the CEO said:
“ICONLOOP will continue relentless efforts to provide blockchain technologies and platform that can be implemented into the entire industry and help the general public embrace blockchain technologies, contributing to building a more convenient and trustworthy society.”
ICONLOOP also aims to collaborate with various industries to implement the “My-ID Alliance.” Targeted industries include Fintech, e-commerce, and healthcare. According to the announcement, 27 companies from various sectors including banking and manufacturing have already joined the alliance.
Besides, ICONLOOP also provides other ID verification solutions including CHAIN ID and Decentralized Passport (DPASS). It was the first company to develop and establish sourced ‘loopchain,’ which became Korea’s first blockchain core engine.
In addition, the company also established CHAIN ID—a global blockchain-based outfit with 26 domestic securities companies, including Kyobo Life’s Smart Insurance Claim Service and Seoul Standard Blockchain Platform.
In 2019, ICONLOOP confirmed its unmatched innovation in the DID sector when it successfully launched the DPASS service—a blockchain-based service that caters to self-sovereign identity verification.
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