In partnership with SEED Group which is a member of the Private Office of Sheikh Saeed bin Ahmed Al Maktoum, a South Korean blockchain firm has now launched in the United Arab Emirates (UAE). The company, Blocko, successfully raised a combined $16 million in two funding rounds, which has facilitated the company’s activities, including its Arab launch. The funding round had KEB Hana Bank, LB Investment, Dadam Investment and South Korea’s oldest Shinhan Bank, as participants. Blocko is also backed by Samsung.
The company had initially received $8.9 million in June last year and got an additional $7.44 million in this year’s Series B+ round. Now, as part of its plans, Blocko wants to use its Aergo platform in the UAE and hopefully record the achievements it has already pulled in, in South Korea, Hong Kong and the United Kingdom as well. According to Phil Zamani, CEO of Blocko:
“We launched Aergo in response to the growing need for data sharing between industries and companies in areas such as identity verification, document management and the Internet of Things – the same areas in which the Middle East in particular is seeking practical solutions.”
Blockchain technology in the UAE has seen government intervention in the past. In April last year, the government began the Emirates Blockchain Strategy 2021, a project which seeks to use blockchain for at least half of all official transactions done by the government, latest by 2021. The government hopes to save up to $3 billion as well as several million work hours.
Image Credits: Pixabay
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