Korean blockchain firm ICONLOOP raises over $8M to grow digital ID service

This is ICONLOOP's first VC investment since its formation in 2016.

ICONLOOP, one of the largest blockchain enterprises in South Korea and creators of the ICON blockchain, today announced that it raised KRW 10 billion (over USD 8 million) in Series A funding.

Seven investment companies including Korea Technology Finance Corporation (KOTEC) and T.S. Investment participated in this round.

With the new funding, ICONLOOP will focus on the launch of its DID service my-ID and expansion of the my-ID Alliance. my-ID is planned to be launched as a commercialized service in the first half of next year.

my-ID is a blockchain-based mobile ID service powered by ICONLOOP’s own DID technology, it was designated as an Innovative Financial Service in back in June.

ICONLOOP my-ID Alliance

In total, 27 organizations and corporations from various fields including not only banks but also security firms, e-commerce companies, and manufacturing companies have made the decision to join the alliance.

Starting with the financial sector, ICONLOOP aims to expand the my-ID Alliance to other industries such as fintech, e-commerce, sharing economy, and healthcare to create a pioneering example of digital identification utilizing blockchain.

An official from the Venture Investment Center at Korea Technology Finance Corporation (the lead investor in the round) said, “The blockchain technology is evolving into practical applications such as decentralized ID services in line with the global trend giving users back the personal data sovereignty.”

The official was also quoted as saying, “We believe ICONLOOP acquired technological advantages and know-how from many major projects with various financial and public organizations and it will lead the growth of the blockchain industry in Korea after it dominates the market with its my-ID service.”

“I believe this investment shows that ICONLOOP’s blockchain technology and its marketability have been proven and the company would take the responsibility to boost the vitality of the overall market as a leading blockchain company in Korea. ICONLOOP will continue relentless efforts to provide blockchain technologies and platform that can be implemented into the entire industry and help the general public embrace blockchain technologies, contributing to building a more convenient and trustworthy society.”
– Jonghyup Kim, CEO of ICONLOOP

This year, ICONLOOP demonstrated its technology in the DID sector by successfully launching DPASS – a blockchain-based self-sovereign identity authentication service.

ICONLOOP developed and opened-sourced loopchain – the first blockchain core engine in Korea. ICONLOOP also launched CHAIN ID, a blockchain joint certification service with 26 domestic securities companies, Kyobo Life’s Smart Insurance Claim Service, and Seoul Standard Blockchain Platform.

Exit mobile version