The Seoul Metropolitan Authorities has introduced plans to take a position greater than $1 billion in blockchain and fintech startups by 2022, in accordance with the official announcement published on Feb. 18.
In line with the discharge, the South Korean capital’s authorities plans to make use of the “Seoul Innovation Progress Fund” for startups which have numerous investments issues with Collection A funding rounds. The fund, launched final yr, will primarily deal with startups associated to blockchain and fintech industries.
The Seoul Metropolitan Authorities announcement underlines that the common funding per firm in London and Silicon Valley is roughly $6-7 million, whereas in Korea, it is just about $1.1 million. Jo In-dong, the top of the financial coverage division on the Seoul Metropolitan Authorities, stated:
“Modern startup investments would be the cornerstone of company progress that creates innovation in our society and will probably be an important driving drive for the expansion of revolutionary enterprise corporations. We are going to increase our funding to […] stimulate the startup funding market and create an entrepreneurial ecosystem.”
Final month, the capital metropolis’s authorities introduced the launch of the Seoul Blockchain Governance Staff, which consists of 100 workers, with the objective to look at the potential and advantages of blockchain functions in numerous authorities companies, as Cointelegraph wrote on Jan. 31.
As Cointelegraph reported on Oct. 4, the mayor of Seoul, Park Gained-soon, revealed a five-year plan, dubbed “Blockchain Metropolis of Seoul,” for selling the event of blockchain-related initiatives in South Korea’s capital metropolis.