ICONLOOP, a blockchain company from South Korea that focuses on the ICON cryptocurrency, has just raised 10 million in Korean Won via Series A funding. According to a blog post from the company, this is the first venture capital investment since it started in 2016.
“Seven investment companies including Korea Technology Finance Corporation (KOTEC) and T.S. Investment participated in this round,” reads the post. “Having achieved the Series A funding, ICONLOOP will focus on the launch of its DID service ‘my-ID’ and expansion of ‘my-ID Alliance’. ‘my-ID’ is planned to be launched as a commercialized service in the first half of next year.”
Expanding the alliance
Since starting out, there are now 27 companies that are a part of the company alliance. These entities come from all over, and include but aren’t limited to security firms, manufacturing companies, e-commerce groups, and many more.
On top of this, part of the investment money is intended for the company to expand its efforts, such as its my-ID Alliance offering, to more groups like those in fintech and healthcare. The overall goal is for more entities to be using blockchain to provide their services.
The blog post finishes up with its recent accomplishments:
“This year, ICONLOOP proved its unrivaled technology in the DID sector by successfully launching ‘DPASS’, a blockchain-based self-sovereign identity authentication service. In addition, ICONLOOP is building real-life application cases of blockchain by establishing a regulatory foundation for actual DID service in Korea as ‘my-ID’, a blockchain-based mobile ID service powered by ICONLOOP’s own DID technology, was designated as an Innovative Financial Service in June.”