June 19, 2024

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

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 excludedsupport for cryptocurrency projects and exchanges; projects implemented by large financial institutions that involve attracting 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.

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