South Korean Capital to Invest Over $1 Billion in Fintech and Blockchain Startups by 2022

The government of Seoul plans to spend $1 billion to support blockchain and fintech startups via an investment fund.

The Seoul Metropolitan Government has announced plans to invest more than $1 billion in blockchain and fintech startups by 2022, according to the official announcement published on Feb. 18.

According to the release, the South Korean capital’s government plans to use the “Seoul Innovation Growth Fund” for startups that have various investments problems with Series A funding rounds. The fund, launched last year, will primarily focus on startups related to blockchain and fintech industries.

The Seoul Metropolitan Government announcement underlines that the average investment per company in London and Silicon Valley is approximately $6-7 million, while in Korea it is only about $1.1 million. Jo In-dong, the head of the economic policy department at the Seoul Metropolitan Government, said:

“Innovative startup investments will be the cornerstone of corporate growth that creates innovation in our society and will be a critical [drive] for the growth of innovative venture companies. We will expand our investment to […] stimulate the startup investment market and create a [competitive] startup ecosystem.”

Last month, the capital city’s government announced the launch of the Seoul Blockchain Governance Team, which consists of 100 workers, with the goal to examine the potential and benefits of blockchain applications in various government services, as Cointelegraph wrote on Jan. 31.

As Cointelegraph reported on Oct. 4, the mayor of Seoul, Park Won-soon, revealed a five-year plan, dubbed “Blockchain City of Seoul,” for promoting the development of blockchain-related initiatives in South Korea’s capital city.

Visit the USSA News store!
Click this link for the original source of this article.
Author: Max Yakubowski


This content is courtesy of, and owned and copyrighted by, https://cointelegraph.com and its author. This content is made available by use of the public RSS feed offered by the host site and is used for educational purposes only. If you are the author or represent the host site and would like this content removed now and in the future, please contact the USSANews.com administrator by using the contact form located in the top-left menu. Your request will be immediately honored. Please visit https://cointelegraph.com for more terrific, conservative content. The owner of this website may be paid to recommend American Bullion. The content of this website, including the positive review of American Bullion, the negative review of its competitors, and any other information may not be independent or neutral.