Blockchain Firm In UAE Secures $16M, Backed By Samsung

The blockchain news today feature one South Korean blockchain provider named Blocko, which recently launched in the United Arab Emirates after securing a massive $16 million in funding. As some reports from a Mid-Eastern business publication report, the South Korean blockchain firm in UAE has partnered with SEED Group, a member of the Private Office of Sheikh Saeed bin Ahmed Al Maktoum in the UAE.

Before the launch, Blocko managed to raise a total of $16 million through two separate funding rounds. The oldest bank in South Korea, Shinhan Bank, as well as KEB Hana Bank, LB Investment and Dadam Investment are all members that participated in the funding round of promoting the blockchain firm in UAE.

As the crypto news show, the blockchain company has one main goal now – to bring its Aergo platform to the Middle East and with that potentially replicate the achieved successes in Europe and Asia. The CEO of Blocko, Phil Zamani, was confident in his belief and stated:

“We launched Aergo in response to the growing need for data sharing between industries and companies in areas such as identity verification, document management and the Internet of Things – the same areas in which the Middle East in particular is seeking practical solutions.”

As a blockchain firm in UAE, Blocko is now preparing to kick off its operations. However, what you should know is that before, the firm completed 38 full-scale enterprise blockchain solutions in South Korea for companies such as Samsung, Hyundai Motors, Cisco and others. That said, the hopes are up right now as the company wants to continue building through the SEED partnership.
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Speaking of, the SEED Group CEO also spoke about the blockchain firm in UAE and was featured in the blockchain news. Hisham Al Gurg (the CEO) noted:

“The UAE and the wider Middle East region are constantly seeking advanced blockchain solutions for government and digital services. And so, we recognised the partnership with Blocko and Aergo as a solution to satisfy the increasing need for companies working at the highest level of scale and security.”

This is not the first foray into blockchain technology for the United Arab Emirates. Previously, a waste management firm launched a blockchain platform in one city. Also, the Ministry of Health and Prevention earlier this year launched a blockchain system to record and share healthcare data.