​Seoul launches $89m blockchain fund

October 04, 2018
Chris Wheal

The Korean government is to commit to a 100bn won (close to $90m) fund to nurture blockchain talent as well as a new blockchain complex that will house up to 200 blockchain tech companies.

The cash will come from private and public investments, Seoul mayor Park Won-Soon confirmed, though the works will cover a five year period.

Mayor Park Won-Soon – putting Seoul on the map in Zug

Blockchain hub hope

However the news was not made in South Korea but in Zug, Switzerland. Won-Soon is on a tour of Europe to explore social economy and city planning development opportunities.

“It is the plan of the Seoul city government to create an ecosystem of blockchain here, with hopes that the city will be globally recognized as a blockchain hub,” confirmed the mayor at Zug city hall.

“We will try to attract many blockchain experts into Seoul, just like Zug. For this, we will need to establish an environment that is friendly for innovative blockchain companies.”

The Swiss city of Zug is home to many blockchain operators

Part of the plan is to implement blockchain technology in the city’s administrative processes, which will set a precedent for all cities in Korea,” said Park, reported by the Korea Joongang Daily.

“Seoul is truly a testbed city for the technology. And I think if anyone, the city government of Seoul should lead this innovation.” It’s thought the new Seoul complex will be built in pre-existing structures in the districts of Gaepo and Mapo.

Swiss launch + Swiss example

The city of Zug oversaw its municipal vote this year using blockchain technology this past summer, the first time Switzerland has used the technology for election purposes.

Zug is thought to house more thatn 30,000 companies, many relying on blockchain tech.

Post written by Chris Wheal
Chris Wheal is editor of OpenLedger's news and features service. An award-wining business journalists himself, he runs a team of freelance journalists from across the UK and north America.

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