South Korea’s Venture Capital Firm Funds Blockchain Startup TEMCO

Recently, south Korea's major venture capital, Korea Investment Partners (KIP) funds a blockchain firm called TEMCO.

Despite disturbing market, firms are largely investing in cryptocurrency. On Tuesday, October 02, 2018, a press reads that the largest venture capital firm in South Korea, Korea Investment Partners (KIP) has made its first investment in Blockchain firm TEMCO. However, the amount is still undisclosed but TEMCO is all set to reinvent its supply chain process by leveraging Roostock (RSK) smart contract.

TEMCO ICO / Token Sale

TEMCO, a supply chain management system based on Bitcoin in Korea is planning to raise $19million through its ICO. This fund includes undisclosed portion raised from major venture capital, KIP. However, it would be the first Korean firm to raise funds from KIP venture capital firm.

It invites the public to participate in its token sale white list starting in October 2018 and pre-sale to soon launch in November 2018.

TEMCO aims to innovate the supply chain management system by utilizing smart contracts and blockchain technology. More as a public supply chain blockchain, TEMCO utilizes Smart contracts and public ledgers in order to build the “next generation of supply chain management systems”.

According to its website, product vendors on blockchain will have easier access to track the movement of products; since its distribution to the eventual consumption. Moreover, they can also share the data.

Jong Hyun Kim, a fintech investment board member at KIP notes that;

“TEMCO is more than prepared to disrupt contemporary supply chain process. Not only does TEMCO exceed existing business solutions, but also is a prime example of the potential of blockchain technology. Korea Investment Partners is proud to be a leading investment partner for TEMCO,”

The news is followed by Ripple’s latest move towards partnering with three firms for the pilot testing of its new product xRapid. Press also notes the other institutional investors from across the world that supports TEMCO. Beside Kora vestment Partners (KIP), the other investors are;

  • RSK Bitcoin Smart Contract Platform
  • TLDR Capital – Global Cryptocurrency Investment Firm
  • Deblock – ICON Foundation Accelerator
  • Blockchaini – Global Blockchain Accelerator

What you have to say about venture capital firms moving to crypto? Will it have a positive impact on present cryptocurrency prices? Let us know on Twitter 

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Qadir AK

Qadir Ak - Co-founder of Coinpedia Blog - His interest as crypto Author, Editor, Speaker at cryptocurrency conference has made him known as passionate blogger and startup in Asia.

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