SEOUL WILL INVEST $1 BILLION IN BLOCKCHAIN AND FINANCIAL TECHNOLOGIES BY 2022

The capital of South Korea intends to invest more than $1 billion in financial and technological startups and blockchain. This follows from the official report of the government of Seoul. A specialized “Seoul innovation development Fund”, designed to support startups experiencing difficulties in attracting investments, will be engaged in investments. The main area of support will be financial and technological initiatives.

The government of Seoul notes that in the UK or Silicon Valley in the US, the company accounts for about $7 million investment, while Korea now invests seven times less. According to the head of the Department of economic policy of Seoul Joe In-don, support for such startups will be a catalyst for corporate growth and innovation in society. In the future, these investment programs will contribute to the development of venture companies. Seoul plans to increase investments in order to provoke the growth of start-up investment and the creation of a competitive environment.

Earlier, Seoul created a special group to work with blockchain technologies. It included 100 people who will study the possibilities of the blockchain and ways of its integration into the work of state bodies. Also, the head of Seoul Park Vaughn published a plan for 5 years, which was called the “Blockchain city of Seoul”. It provides a number of measures to support and develop blockchain startups in Seoul.