In the South Korean blockchain area, there is a steady stream of specialized trading platforms for unlisted stocksafter a large offer from the state-supported IT finance company Koscom last year.
Business Korea cited two anonymous industry sources on May 11th They have claimed that two other cocoa-supported Dunamu and PSX platforms will launch in September and February 2021. Local commentators hope that providing safe trading venues for unlisted stocks will boost investment in new startups, the report said.
Strong support for blockchain initiatives
As reported The Be My Unicorn platform, based on the Koscom blockchain, received support from the state, regulators and the private sector, including the Treasury and the Korea Exchange. The project aims to give small and medium-sized companies access to a profitable, safe and accessible trading venue for unlisted shares.
In parallel Kosco has made broader alliances in the national blockchain sector. joined the decentralized identity consortium Initial DID Association, in which both high-level actors from the private sector were involved (including SK Telecom and Samsung Electronics) such as support from the Ministry of Science and Technology for Information and Communication and the Korean Internet and Security Agency (KISA). In May 2019, the Financial Services Commission Koscom granted a license to offer investment brokerage services.
In the meantime Both PSX and Dunamu use Korea’s financial supervision framework to develop their companies in unlisted stock trading services powered by blockchains and reportedly work with Shinhan Financial Investment and Samsung Securities.
The PSX platform will support trading in shares of well-known unlisted startupslike Vuno, Musinsa and Krafton, which it gets from accelerators, angel investors and stock option holders. As reported Dunamu previously launched “Luniverse”, a platform designed to help IT startups develop their own blockchain-based services.
Recent developments in the Korean blockchain sector
Earlier this week, Klatyn, the public blockchain platform developed by Kakao’s daughter GroundX, joined Libra’s rival, the Celo Alliance for Prosperity.
The Ministry of Science, ICT and KISA, together with the country’s Internet Technology Watchdog, the Korean Internet and security agency, is leading a blockchain-based platform for storing and verifying digital identities of self-driving vehicles. It is being used as part of a smart city solution program in Sejong City, South Korea’s new administrative capital.
Do not stop reading: