Altcoin News: ICON Attracts $8 Million Venture Financing

October 11, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

ICONLOOP, a South Korean startup known for developing the ICON blockchain project and other initiatives, raised over $8 million during Series A fundraising.

The investment round was led by the Korea Technology Finance Corporation. According to ICONLOOP, it has been attracting venture capital investments for the first time since it launched in 2016.

“We believe ICONLOOP acquired technological advantages and know-hows 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,” said a representative of the Korea Technological Finance Corporation.

ICONLOOP intends to start new financing for the development of the decentralized identification service my-ID. Its launch is scheduled for the first half of 2020. My-ID will allow you to verify user identifiers using mobile devices and simplify access to services requiring such identification, for example, financial.

ICONLOOP hopes to attract various companies from the financial technology, commerce and healthcare sectors to participate in the my-ID program. It currently has 27 members, including representatives from the banking industry and industry.

Author: Marko Vidrih