Samsung-Backed Blockchain Startup Raises $7.5M from Shinhan Bank
Summary
Founded in 2014, Blockco reportedly raised 1.5 billion won ($1.2 million) from Samsung Ventures in July 2016. As reported, Blockco participated in the development of permissioned blockchain system NexLedger in collaboration with Samsung Group and Amazon Web Services. Released in 2017, Nexledger is a permissioned blockchain system providing an integrated solutions for cost-efficient methods of managing digital financial transactions and data exchange. Meanwhile, recently, Shinhan Bank was reported on the development of a blockchain-based stock lending platform in partnership with financial services company Directional. KEB Hana Bank and Samsung Electronics are members of the South Korean consortium that plans to launch a blockchain based mobile identification in the country in 2020.