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A South Korean blockchain startup named ICONLOOP which provides digital identification services recently got its first venture capital investment through a $8 million Series A funding round, as the company said.

Right now, ICONLOOP is a subsidiary of DAYLI Financial Group which is one of the largest fintech companies in Asia. As the blockchain news today show, the financing round was led by the quasi-government agency Korea Technology Finance Corporation (KOTEC). An additional six investment companies including T.S. Investment also backed ICONLOOP in this round.

The proceeds will be used to launch the digital identification service “my-ID” and expand a group of expected clients called my-ID Alliance which right now holds 27 companies under it. The client group also has a range of companies and organizations including banks, security firms, e-commerce firms and manufacturing companies. The South Korea blockchain ID service is expected to launch during the first half of 2020 for commercialized uses, the company noted.

Founded in 2016, the fintech firm primarily designed an ID service that is based on blockchain technology for non-face-to-face openings of banking accounts, as the company revealed in June. The South Korean financial regulator which is the Financial Services Commission (FSC) included the firm and its ‘my-ID’ service in the “Innovative Financial Services and Regulations” Sandbox.

“The blockchain technology is evolving into practical applications such as decentralized ID services in line with the global trend giving users back the personal data sovereignty,” a KOTEC spokesperson recently said.

The cryptonews also show that the South Korean blockchain ID service ICONLOOP has another flagship product – the ICON public blockchain network which uses a loopchain protocol to connect different blockchains. The project is supported by the ICON Foundation, which held an initial coin offering (ICO) for ICX. The coin was the 58th largest cryptocurrency by market cap as of October 11.