Korea Investment Partners (KIP), the leading South Korean venture capital firm with 20 private equity funds and successful investments in over 500 companies, has made its first cryptocurrency investment in TEMCO, a Korean startup building a blockchain solution for supply chain management.
According to the announcement, TEMCO aims to reinvent the supply chain process by leveraging Rootstock (RSK), a smart-contract peer-to-peer platform built on top of the Bitcoin blockchain. TEMCO is currently planning to raise a total of $19 million in its token sale, which includes the undisclosed amount invested by KIP.
“TEMCO is more than prepared to disrupt contemporary supply chain process. Not only does TEMCO exceed existing business solutions, but also is a prime example of the potential of blockchain technology. Korea Investment Partners is proud to be a leading investment partner for TEMCO,” said Jong Hyun Kim, a fintech investment board member at KIP.
This news comes as other major financial groups continue to bet on the blockchain, despite falling prices.
Just last week, San Francisco-based startup Veem, a blockchain-powered payment service for small businesses, raised $25 million in a funding round led by Goldman Sachs, with GV (formally Google Ventures), Kleiner Perkins and Silicon Valley Bank also participating.
Photo: Marco Verch / Flickr
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.