Seoul to foster an ecosystem for blockchain

Friday 5 October 2018 08:27 CET | News

Seoul mayor has announced the city aims to create a blockchain complex to house around 200 companies as well as create a USD 88 million fund to foster talents in the sector.

Seoul said the main goal is to foster an ecosystem for the emerging technology. The city also plans to support companies and strengthen cooperation with the private sector. The fund will be created through private and public investments.

The blockchain complex will be built within existing buildings in two districts of Seoul, Gaepo and Mapo, with the former taking up 600 square metres and latter 2,325 square metres by 2019. Together, they can host 73 companies, according to ZDnet.

Seoul is partnered with Ground X, Kakao’s blockchain subsidiary, to co-develop blockchain projects to apply to the public sector.

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Keywords: blockchain, funding, innovation, Development
Countries: World