South Korea will allocate $ 9 million to support blockchain startups in 2020

South Korean Internet Security Agency(KISA) approved funding of $ 9 million to support blockchain-related projects in 2020. Crypto start-ups and crypto-exchanges cannot participate in the program.

About 10 projects will be selected next year, and 1-2 of them will even be able to count on financing for several years. Maximum support for one participant cannot exceed $ 1.2 million.

Blockchain startups representing both the public and private sectors can participate in the program.

Although KISA has ruled out support for cryptocurrency projects and exchanges, projects implemented by large financial institutions, involving the attraction of tokens, can count on support.

Despite a substantial program budget for 2020year, it is less than $ 11 million, which were allocated this year and distributed among 12 participants. During the discussion of the initiative, the South Korean National Information Technology Development Agency also promised to support blockchain-related projects.

Recall that recently, scientists found out how blockchain will affect the Russian economy.