Korean VC player to invest in start-up TEMCO
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.
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.