New Korean Startup Market, Backed by Korea Exchange, Fueled with Blockchain

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Employees are showered with confetti as they celebrate the close of trading for the year in front of a screen showing the closing figure of the Korea Composite Stock Price Index (KOSPI) at the Korea Exchange (KRX) in Seoul, South Korea, on Monday, Dec. 30, 2013. South Korea's Kospi gained 0.5 percent to end the year with a 0.7 percent gain. Photographer: SeongJoon Cho/Bloomberg

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The Korea Exchange has launched KSM (Korea Startup Market) service that provides a marketplace where one can buy and sell equity shares of startup companies. Blocko Inc., a local Blockchain startup company, participated in the project and adopted the Blockchain technology in authentication of identity and documents. The KSM service has applied Blockchain technology by using Coinstack, a Blockchain-based development platform by Blocko.

Blocko has secured the highest number of client references within Korea as a startup by providing its Coinstack platform to Korea’s JB Bank, Lottecard, KISA, Paygate and others. Blocko raised a series A round funding of $1.3 million from Samsung Venture Investment Corporation in July 2016.

Won-Beom Kim, Blocko Inc. CEO, said,

“This is the first commercialization example in which Blockchain is applied to the Korean over-the counter stock market.”

He added:

“We are striving to advance our product by partnering with Samsung SDS, CISCO and others to apply Blockchain to a wide range of industries in the future, beyond existing uses such as bonds, promissory notes and points within the financial sector.”

Coinstack is serviced in two ways, Cloud and On-premise, and supports all types of applications and protocols available via Bitcoin Blockchain. Furthermore, Coinstack is a development platform that supports both Blockchain-based contracts and Ethereum-based smart contracts, enabling companies to easily apply Blockchain-based services.

 

About Richard Kastelein

Founder, Publisher and Editor in Chief of industry leading online publication, Blockchain News and co-founder and director at Blockchain Partners in London/Amsterdam/NYC. Kastelein is also an advisor with a number Blockchain startups doing ICOs including Humaniq.co where hs is interim CMO, DECENT.ch, Inchain, Chronobank, eGaas and others. He is regarded as one of the top journalists by the Blockchain and fintech communities – as is evident by his entry in the Top 150 Fintech journalists online and in the top 10 of the Blockchain Top 100 List.

As a prominent keynote presenter, he has spoken on Blockchain at events in Gdansk, Amsterdam, Minsk, Dubai, Antwerp, Eindhoven, Bucharest, Nairobi, Tel Aviv, Manchester, Brussels, Barcelona etc, where he helped spread the cause for Blockchain technology and cryptocurrency and, consequently, has built a notable network in the scene.

He’s also a director of a Dutch foundation called The Hackitarians and has run innovation events in London, San Francisco, Berlin, Amsterdam and other cities around the world on topics such Blockchain, Health, Energy, Internet of Things, AI etc.

In 2013, the European Commission appointed him as an expert for overseeing financing for emerging startups as a part of the European Commission’s 90 billion euro Horizon 2020 project, created in Brussels to promote innovation as a driving force of job creation and business ventures across Europe. He has also worked as an external expert for Innovate UK since 2012, judging startups for the UK government.

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