South Korean Government to fund $3.2M to Blockchain Startups
South Korea announced a plan to support blockchain industry

Government agencies
in South Korea have announced their plans to support the blockchain industry. In
order to support blockchain development, the agencies have decided to allocate $3.2
million in funding to local startups.

As per the reports, South Korea’s Ministry of Science and ICT (Information and Communications Technology) and NIPA (National Institute of Information and Communication Industry Promotion) will establish a pilot program - Blockchain Technology Validation Support in 2020. The two agencies will select nine blockchain companies with each set to receive 450 million won. The selection criteria will be based on how companies offer economic and social growth by leveraging blockchain technology. The last date to submit the application is November 30.

This isn't the first time the government of South Korea is trying to support blockchain industry. In 2019, the nation tried to implement the same thing and picked 11 companies to support it. Later it was reported that the group went on to file 5 patent applications, registered 9 copyrights, and had been through two investment rounds.

Source - Coingeek

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