Blockchain, Cryptocurrency

Blockchain firms getting ready for a ‘boost’ in 2021

Global crypto players are gathering capital ahead of a new and fresh onslaught on the markets in the new year – with major players in South Korea and Switzerland declaring investment injections worth millions of USD.

In South Korea, blockchain accelerator Hashed has stated that its Hashed Ventures arm has established around USD 108.5m worth of private capital for a fund named Hashed Venture Fund I.

As claimed by a report from Hanguk Kyungjae, Hashed aims to use the funding to concentrate “not only on blockchain technology providing companies, but also on building a ‘protocol economy’” – an ecosystem whereby the use of blockchain technology and decentralization principles guarantee that platform operator cannot change rules on an arbitrary basis.

The company stated that the protocol economy ecosystem would utilize “digital assets” to decrease transaction times and costs, as well as boosting transparency.

The organization has operated with the likes of crypto exchange and chats app operator Line, as well as another chat app giant and crypto industry player, Kakao.

It later stated that it was set to co-launch a crypto custody service in conjunction with a range of partners including Kookmin (KB), South Korea’s biggest commercial bank.

Meantime, in Switzerland, crypto bank SEBA announced the completion of a Series B capital drive, reportedly worth some CHF 20m (USD 22.5m), including “all existing key shareholders and new investors from Switzerland, Europe and Asia.”

In an official statement, SEBA stated that it intended to tokenize its latest funding round once a relevant law in Switzerland comes into force.

Although the bank, like Hashed, did not reveal the identity of its investors, it did outline a spending plan, announcing that it would expand its “product and service offering,” as well as “increase SEBA Bank’s lending capacity for clients and start leveraging the established hub in Switzerland into new markets.”

The firm has been working on crypto custody and wallet services, a crypto trading platform, and what it calls an “end-to-end tokenization platform.”

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