Korea Investment Partners (KIP) recently issued a statement revealing its decision to invest an undisclosed amount in the South Korean blockchain startup Temco. As per KIP’s Fintech Investment Board Member, Jong Hyun Kim, the potential of Temco in distributed ledger technology (DLT) attracted it towards the startup.
Blockchain startup Temco to introduce revolutionary changes
The Bitcoin (BTC) algorithm works on proof-of-work (PoW). Temco is planning to implement this protocol and develop supply chain systems with the help of blockchain. The startup company wants to bring revolutionary changes for businesses. According to Temco, it will provide vendors with an option that will make it easier for them to track the movement of products with logistical analysis.
In its white paper, Temco said, “Due to the apparently disorganized nature of existing supply chain management systems reveal the reality of serious limitations in crisis management, the need for transparency and systemization of supply chain processes is becoming increasingly clear.”
Vendors will be able to track the entire movement of the product in the supply chain starting from the distribution phase to eventually reach the consumer at the retail level through the blockchain platform. The decentralized platform of the system uses data-sharing ability for providing all this information. Jong Hyun Kim stated in the official release, ”Temco is more than prepared to disrupt the contemporary supply chain process, exceeding business solutions, a prime example of the potential of blockchain technology.”
Undisclosed investment from KIP
Temco attracted investments from many other investors to fulfill its goals including Blockchain, Deblock, RSK’s Bitcoin smart contract platform, and TLDR Capital. However, the funding from KIP although undisclosed is still the most significant investment for Temco. The largest venture funds company in South Korea manages more than 20 funds of $1.5 billion in total size. Known for backing various startups across China and the US, a few months ago KIP took part in the $100 million cryptocurrency brokerage eToro funding contributing $10 million.