Korean VC player to invest in start-up TEMCO

October 02, 2018
Chris Wheal

South Korean venture capital firm, Korea Investment Partners (KIP), is investing in its first blockchain startup, TEMCO.

KIP, thought to be the largest VC firm in South Korea, has a reputation for its early investment in high-ranking firms that include Naver — Korea’s largest search engine, as well as owner of the Japanese messaging app LINE — and Korean messaging giant Kakao, among others.

TEMCO represents Korea Investment Partners’ first investment in a blockchain startup,

As revealed in Cointelegraph, both LINE and Kakao have made significant inroads into the crypto space – LINE launching its own crypto token and exchange, and Kakao developing its own blockchain subsidiary.

TEMCO specializes in supply chain management solutions that use smart contracts on a public blockchain to help enterprises securely track products in an auditable manner, from distribution to eventual consumption. The startup will reportedly launch a token pre-sale in November.

South Korea has made a concerted effort to make itself an attractive place for business in this sector – in July Korean regulators promised to introduce legislation that would encourage blockchain investment.

And a month later, the country’s finance ministry revealed it would be investing around $4.4bn in 2019 to boost eight sectors of the domestic economy, including blockchain.

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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