Decentralized finance will play an integral role in the coming years with billions of unbanked customers across the world. However, the crypto world faces a number of challenges, such as unintuitive UI, bad product design, and the difficulty of private key management that will require continuous addressing. Interestingly, the Korean blockchain market for industries such as FinTech, insurance, logistics, health, social media and IP rights has been thriving in the last few years. Many Korean Blockchain startups are helping drive Blockchain adoption in South Korea. They have established themselves as market leaders in their field, working tirelessly to improve user experience and building a seamless financial system.
Koreatechdesk.com explores the top 3 blockchain startups that are hugely popular and successful.
Founded in 2019 by Daniel Shin, Korean Blockchain startup Terra’s vision is to create the next-gen modern financial system on the blockchain. The payment network adopts a price-stable cryptocurrency as its medium of exchange and is designed for mass adoption. Terra stands apart from the other stablecoin payment networks by using a price-stable digital currency to complement both existing fiat and cryptocurrencies.
Terra’s payment platform offers convenient fiat onboarding and offboarding and also provides attractive discounts for every transaction. This works as an attractive incentive for consumers to switch to Terra. This discount strategy is supported by the network’s growth, which leads to the algorithmic growth of stablecoin Terra’s supply. The company has built a strong alliance of e-commerce giants with a customer base of 45 million users and combined Gross Merchandise Value (GMV) of $25 billion. The company plans to target e-Commerce platforms through the Terra Alliance, which is a group of global e-Commerce partners to initiate mass adoption and the use of Blockchain payment systems.
Korean startup Blocko was founded in 2014 by Allan J. Kim and Won-Beom Kim and focuses on providing a Blockchain system for transaction validation, user authentication, wallet management and micropayment solutions. The startup offers multinational organizations the ability to manage and design digital services on a secure network. The firm launched a blockchain platform called Aergo Enterprise that aims to address the growing need for data sharing between industries and companies. Aergo has since then been deployed by over 10 companies both in Korea and abroad. Besides this, the startup aims to offer various blockchain-based solutions to be used in difficult areas such as smart grids and dark data. It recently raised around $7.44 million in a Series B round. The firm has collaborated with several national institutions like the Bank of Korea, Hyundai, the Korea Electronics and Telecommunications Research Institute and the nation’s stock exchange.
Chain Partners was founded in 2017 by Charles Pyo to build a company that specializes in blockchains and cryptocurrencies. It offers compliant, crypto financial services for large organizations and individuals. The startup provides real-world blockchain solutions in governance, mining, tools and infrastructure. It has raised $14 million to date. Acknowledging the growth of decentralized finance, the company aims to leverage the skills and operating know-how to offer seamless user experience and a high level of security. The Chain Partners research program examines digital assets for institutional finances. It regularly publishes quality reports on blockchain and digital assets trends. The future goals of the startup include building secure flat-to-crypto onramps, easy-to-use digital wallets and a legally compliant payment platform.