ICONLOOP is a subsidiary company of DAYLI Financial Grouping, one of the largest fintech organizations in Asia. The financial round was led mainly because of the quasi-government agency Korea Advances Finance Corporation (KOTEC). One particular six investment companies, putting T. S. Investment, simultaneously backed ICONLOOP in this round.

ICONLOOP, a South Korean language blockchain startup that provides digital document identification services, received their first venture capital investment a good $8 million Series A funding round, the company  said .

Proceeds to be used to launch its digital document identification service “my-ID” but also expand a group of expected consumer called my-ID Alliance, just what currently consists of 27 enterprises.

That terminal group has a range of groups and organizations including financiers, security firms, e-commerce employers and manufacturing companies.

The service will be set in motion during the first half of 2020 for commercialized uses, the amount of said.

Started began in 2016, the fintech firm initially designed your ID service based on blockchain technology for non-face-to-face thier position of banking accounts, each of our company said  in June .

The South Korean language financial regulator, the Financial Services Commission, included the firm’s my-ID’ service into the ‘Innovative Financial Services and Regulations Sandbox.

A KOTEC spokesperson said:

“The blockchain applied science is evolving into utilitarian applications such as decentralized INSIDE DIAMETER services in line with the global outlines giving users back an individual can data sovereignty. ”

Another ICONLOOP’s flagship project is the  ICON   public blockchain network which will uses the loopchain process to connect different blockchains. Each of our project is supported by IMAGE Foundation, which held female coin offering for ICX. The coin was the 58th largest cryptocurrency by latest market capitalization as of Oct. 7, according to CoinMarketCap .

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