ICON attracts $5 million investment

South Korea-based blockchain company ICON has attracted a $5 million bridge investment through its Iconloop subsidiary. The seven investors include Korea Growth Financial Investment Corporation, Kiwoom Investments, Danal Holdings, K-Clavis Investment, TS Investment, Korea Asset Investment & Securities, and Pathfinder H.

Among the invesetors, Korea Growth Financial Investment Corporation selected Iconloop as one of the investment targets of the Fintech Innovation Fund, which raised roughly $100 million. An official stated that Icon was first in line for this investment since they are the only company that currently has a DID solution ready to be deployed in the South Korean financial sector.

The largest contributors, TS Investment and Korea Asset Investment & Securities showed tremendous confidence in Iconloop by making this bridge-series investment following the A-round. Danal Holdings and Kiwoom Investments will reportedly seek new business opportunities with Iconloop in the future.

Iconloop has been focused on managing the development and launch of MyID, their DID platform which already has dozens of major financial, security, and technical partners throughout South Korea. The platform is expected to be launched in Q3 of this year and has already been designated as an innovative financial service by the FSC since it can be used with all existing services that require real-name authentication in the financial sector, including trading cryptocurrencies.

Jonghyup Kim, CEO of Iconloop said, “[The launch of MyID-based services will be an important pathway toward the realization of self-sovereign ID systems. At present, the need for such technology has increased, so we plan to occupy the market mainly in the financial sector and gradually expand to other sectors.]”

Telegram Channel- https://t.me/TheNewsAsia
Telegram Chat (partner) – https://t.me/cryptodakurobinhooders
email – hello@thenews.asia
Bitcoin donations appreciated- 1EH7PHMt8rDD8eM8sarTpP7BaqVN8DVi7P