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ICONLOOP, the promising Seoul-based blockchain startup, has broadcasted the news that the platform has raised a whopping sum of $8 Million through Series A funding round as a part of its first venture capital investment.
According to the news, the funding was helmed by seven investment companies. The financing process was led by the quasi-government agency Korea Technology Finance Corporation (KOTEC). One of the six investors in the venture project of ICONLOOP included leading firm, T.S Investment, as well.
The reports suggest that the blockchain-oriented digital identification services provider, ICONLOOP, will employ the funds collected in the highly anticipated project launch of its decentralized ID service named “my-ID.”
The network will strive to foster the expansion of its supporting partner network, the “my-ID alliance.” Currently, the client base of my-ID Alliance group consists of 27 companies. These clients come from varied domains and include organizations and entities from the banking sector, security arena, e-commerce firms, and manufacturing companies.
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My-ID will work as a digital identity authentication service, which will render the successful execution of high-security transactions without any need for face-to-face interaction. It allows the users to store authentication credentials on their mobiles so that they can enjoy services like basic identity, money transfers, verification through mobile, etc., at their ease. This will help the users to get away with the tiring procedures of photographing identity credentials each time by simply rendering them with a single point of truth attached to their mobiles via the Iconloop my-ID blockchain.
ICONLOOP has revealed that its new service will make its first appearance in the marketplace during the first half of the approaching year, i.e., 2020 thereby making it available for commercialized usage.
Jonghyup Kim, the notable CEO of ICONLOOP shared his happiness on the successful completion of the funding round by stating that
Iconloop will continue relentless efforts to provide blockchain technologies and platform that can be implemented into the entire industry and help the general public embrace blockchain technologies, contributing to building a more convenient and trustworthy society.
A spokesperson of funding process leader firm, KOTEC said that
The blockchain technology is evolving into practical applications such as decentralized ID services in line with the global trend giving users back the personal data sovereignty.
The Financial Services Commission, which serves as the native financial watchdog has included my-ID service into the ‘Innovative Financial Services and Regulations Sandbox.’
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ICONLOOP is also quite well-known for its flagship solution, the ICON public blockchain network. The platform uses its protocol to connect varied blockchains. It is nurtured by the ICON Foundation, which conducted an ICO for ICX coin. As per the CoinMarketCap data, ICX was the 58th largest digital currency by market capitalization as of October 11.
