1 August 2026
Blockchain Companies In South Korea To Get 32 Million From Government
The South Korean ministries want to boost the Blockchain technology used in the country. The ministries have taken the steps by giving funding $3.2 million to local startups.
South Korean two ministries- The Ministry of Science and ICT (Information and Communications Technology) and the Ministry of Information and Communication Industry Promotion will launch a program called "Blockchain Technology Validation Support in 2020."
According to the plan, nine projects will be selected via free public offerings and each one will be granted with 450 million ($360,000) in funding.
The nine projects will be chosen based on certain criteria like the excellence of current performance, the feasibility of future performance, the feasibility of technology verification, solid business goals and savvy, expected results, and level of jobs expected to be created.
The companies selected, according to the project, must offer services that can create economic and social value through blockchain technology. The Minister of ICT, Park Yoon-kyu, said,
"We plan to support domestic specialized companies to rapidly grow and activate the ecosystem in the early stage of the blockchain market."
The project not only focuses on blockchain but also encourages startups to participate in the Internet of Things (IoT), artificial intelligence and big data.
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