The South Korean blockchain space is seeing a steady stream of platforms specialized in trading for unlisted stocks, post-obit on from a major offering from country-backed financial IT firm Koscom last twelvemonth.

Concern Korea cites two unnamed industry sources on May 11, who take claimed that 2 further platforms from Kakao-backed Dunamu and PSX volition exist launching this September and in February 2022. Local commentators expect the provision of secure trading venues for unlisted stocks to boost investment in local kickoff-ups, the study notes.

Solid support for blockchain initiatives

As reported, Koscom'due south blockchain-based Be My Unicorn platform received backing from the state, regulators and the private sector, including the Ministry of Finance and Korea Commutation. The project is intended to provide small- and medium-sized venture firms with admission to a cost-efficient, secure and accessible trading venue for unlisted securities.

In parallel, Kosco has forged wider alliances in the domestic blockchain sector; it joined decentralized identity consortium, the Initial DID Clan, which involves both high-profile private sector actors (among them SK Telecom and Samsung Electronics) and support from the Ministry of Science and ICT and the Korea Cyberspace & Security Bureau (KISA). In May 2022, the Fiscal Services Commission had granted Koscom a license to offering investment brokerage services.

Both PSX and Dunamu are meanwhile making utilize of Korea's financial regulation sandbox to develop their ventures into blockchain-powered unlisted stock trading services and are reported to be partnering with Shinhan Financial Investment and Samsung Securities respectively.

PSX's platform volition support trades of stocks in well-known unlisted startups, including Vuno, Musinsa and Krafton, which it gains from accelerators, angel investors, and stock options holders. As reported, Dunamu has previously launched "Luniverse," a platform geared to helping Information technology 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 chapter GroundX — joined Libra's rival, the Celo Alliance for Prosperity.

The Ministry of Science and ICT and KISA, together with the country'southward internet technology watchdog, the Korea Internet & Security Agency, are meanwhile spearheading a blockchain-based platform for storing and verifying the digital identities of self-driving vehicles. It will be deployed as part of a plan for smart city solutions in the metropolis of Sejong, slated to be South korea's new administrative capital letter.