South Korea’s Ministry of Science, Information and Communications Technology and Future Planning has actively supported Korbit, one of the country’s leading Bitcoin companies, to participate in a conference to invite private equity investment in order to expand its business.
The bid resulted in Korbit successfully securing $400,000 seed funding by a group of private investors.
Also, established banks in South Korea have repeatedly made headlines in recent months for being generally supportive and open to Bitcoin and Crypto currency technology in general. The Korean Banks Foundation for Young Entrepreneurs, a group established by Korea’s largest banking alliance, has also participated in funding Korbit’s success.
Venture capitalists are quoted as saying, “Bitcoin’s growth in Korea is remarkable for the sophistication of the public dialog around its potential for innovation and wealth creation”, and that the country can “play a leading role in the future of global finance” by realising the importance of Bitcoin, and moving to embrace it faster than other nations.”