$ 1 Billion Investment from South Korea | Bitcoin,Crypto and Blockchain news and dictionary

$ 1 Billion Investment from South Korea

South Korean government announced that it would invest $ 1 billion in Blockchain projects.

The South Korean government has recently attracted the attention of crypto money lovers. According to this statement, the Seoul government will invest in Blockchain and financial technology companies by a total of 1 billion dollars by 2022. Such large-scale investments in this area may cause the ecosystem to be seriously revitalized within the borders of the country.

Seoul Innovation Fund
According to the statements made by the authorities, the investment will take place from a fund under the name of Seoul Innovation Fund. According to the statement, various Blockchain companies are planned to be included in this fund . In fact, this fund was created last year and its main purpose was to support startups in the Blockchain sector.

State officials have also made an interesting comparison. Officials underlined that investments in the US technology center Silicon Valley or London technology companies ranged from an average of $ 6 to $ 7 million. In South Korea, this average will be raised to 1.1 million dollars.

Blockchain Development
Innovative technology behind crypto coins Blockchain finds many areas of application. Such policies of states such as South Korea can be regarded as a step taken as a step towards the development of technology. In his testimony on the issue, Jo In-dong, head of the Korean economic policy division, said that this step could be a turning point for the sector. According to In-dong, more innovative communities can emerge due to such investments.

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