Korea to Support Blockchain ‘Not Crypto’ Startups With $9 Million Fund in 2020

Wilfred Michael 

Wilfred Michael

News reporter

29 October 2019,
10:16
Korea to Support Blockchain ‘Not Crypto’ Startups With $9 Million Fund in 2020

The Korea Internet Security Agency (KISA), an organization that operates under the country’s Ministry of ICT and Science, announced Monday that it would support blockchain-related projects with a 10.5 billion won (appr. $9 million) in 2020.

KISA reached the resolution at a meeting held in Seoul on Friday last week, with ten projects set to benefit from the government-backed funding, and one or two of the projects expected to receive funding over some years.

In revealing further details about the funding program Min Kyung-Sik, head of KISA’s blockchain center, confirmed that the maximum funding amount for each project that qualifies would be $1.2 million.

While the application is open to both the 400 government-owned or related firm and private companies developing blockchain-based solutions, KISA specified that it would not fund any crypto projects or exchange operators.

However, the agency said it would accept entries from projects pursued by major financial institutions that may involve tokens, while companies that are interested in receiving the funds have until Nov 11 to apply. KISA expects to release the final results of the exercise on Dec. 20. 

Interestingly, completing the 2020 funding will mark the third year that KISA funded local blockchain-related projects, although this year’s $9 million figure is reportedly $2 million less than what the agency gave out last year.

Meanwhile, Korea’s support of blockchain projects mirrors recent developments in China were President Xi Jinping verbally expressed support for blockchain technology, and recommended its implementation across different sectors.

Stmarket.co even reported yesterday that China could become the first sovereign nation to issue a digital currency, according to comments made by Huang Qifan, Vice Chairman of China Center for International Economic Exchanges (CCIEE).

 

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