On Oct 1, the leading Korea Investment Partners (KIP) announced that it will invest in TEMCO, a blockchain startup. KIP is one of the top investors having its investment in popular firms such as Naver – Korea’s largest search engine, LINE -Japanese messaging app, and Kakao – Korean messaging giant, among others.

TEMCO specialises in supply chain administration and provides smart contracts for securing the data. Moreover, the data’s lifecycle is easily explorable. KIP is going to use TEMCO’s Blockchain solutions to track their products and to provide real-time information to its users.

The venture firm mostly deals with Korea’s largest search engine Naver and with the Japanese messaging app LINE. The others include Korean messaging giant Kakao and many more. Besides, they have also thought of implementing a token presale in November 2018.

These will benefit the users by allowing them to enjoy various privileges. Moreover, Korea has maintained its third position in the list of countries involved in the exchange of cryptocurrencies. And the venture firm, KIP has stated that this initiative will make domestic Initial Coin Offering (ICO) legal.

Earlier, in August, the country’s finance ministry has already made it clear that it will invest around $4.4 billion to nurture new technologies. The report has made it also clear that the Korean Government wants to explore the possibilities offered by Blockchain Technology.