Big investment in the capital city of South Korea. The Seoul Metropolitan Government has revealed its plan to invest more than $1 billion in fintech and blockchain startups by 2022.
A few months ago, we reported that Seoul had a five-year plan and wanted to invest $108 million in blockchain. According to recent news from the Asian country, the amount of money will be much more significant.
The investment plan
The official announcement came on February 18. The capital city will use “Seoul Innovation Growth Fund” to support young companies. The focus will be on the startups with investments problems. The fund was launched last year and it will be distributed firstly among blockchain and fintech firms.
Authorities have noticed that the average investment per company in Seoul is only around $1.1 million, while in London and Silicon Valley it is about $6-7 million. The capital city of South Korea wants to close that gap.
The head of the economic policy department at the Seoul Metropolitan, Jo In-dong said:
“Innovative startup investments will be the cornerstone of corporate growth that creates innovation in our society and will be a crucial driving force for the growth of innovative venture companies. We will expand our investment to stimulate the startup investment market and create an entrepreneurial ecosystem.”
Since last month, the Seoul Blockchain Governance Team has been fully operational. The new group consists of 100 employees and it aims to examine the potential and benefits of blockchain applications in various government services.
Seoul wants to become the very first big city operating mostly on blockchain. This capital of one of Asian countries has many exciting plans for implementation of the technology and we will hear about them more in the next months.
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