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Seoul creates a 100 billion won blockchain fund

Seoul will create a blockchain complex to house about 200 companies and create a 100 billion won ($ 88 million) fund to promote talent in the sector, the mayor of the city announced.

The fund will be created through private and public investments, said Mayor Park Won.

It is a five-year plan and 123.3 billion won will be invested to form the complex.

Seoul said the main goal is to promote an emerging technology ecosystem. The city also plans to support businesses and strengthen cooperation with the private sector.

The blockchain complex will be built inside existing buildings in two districts of Seoul, Gaepo and Mapo, with the first occupying 600 square meters and the last 2,325 square meters by 2019. Together they can accommodate 73 companies.

In Gaepo, by 2021, the Seoul Global Block Center of 13,000 square meters will be built to accommodate 120 companies.

Seoul is partner of Ground X, the blockchain subsidiary of chat giant Kakao, to co-develop blockchain projects to be applied to the public sector.

He is also working with Samsung SDS to apply blockchain.

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