The largest venture capital firm in South Korea, Korea Investment Partners (KIP), is putting a stake in its first blockchain startup, TEMCO.
This is according to a press release that was published just recently.
KIP has gained a reputation for its investments in high-ranking companies that include Naver — Korea’s largest search engine, as well as owner of the popular Japanese messaging app LINE — and Korean messaging giant Kakao, just to name a few. Both LINE and Kakao have made a number of inroads into the crypto space, with the former introducing its own crypto token and exchange, and the latter founding its own blockchain subsidiary.
According to its official website, TEMCO’s expertise lies in supply chain management solutions that make use of smart contracts on a public blockchain to aid enterprises securely monitor products in an auditable manner, from distribution to eventual consumption. The startup would launch a token pre-sale in November 2018.
The backing of an Initial Coin Offering (ICO) by KIP comes a month after Korea’s venture enterprise division ruled to place crypto-related business in the same classification as groups that handle bars and nightclub — thus rejecting enterprises in the space a wide range of benefits, that include tax reductions.
Nevertheless, the country remains a major presence in the crypto industry, reportedly having the third-largest crypto exchange market in the world after the United States and Japan.
This spring, the South Korean government bared a positive reorientation for domestic crypto and blockchain legislation, hinting at potential plans to make domestic ICOs legal again.
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