Korea’s largest venture capital, Korea Investment Partners (KIP), decided to invest in the blockchain. It is the first time for a South Korean institutional investor to invest in the blockchain.
KIP will invest in TEMCO equities, South Korea’s first blockchain-based supply chain management system. The system is said to be transparent, traceable, and real-time accessible supply chain process information, which cannot be manipulated.
KIP Executive Director Kim Jong-hyun told The Block Media that KIP decided to invest in TEMCO for three reasons—technological competitiveness, Asia’s first bitcoin-powered smart contract, and commercial viability.
“KIP has been interested in investing in blockchain projects, and TEMCO became our first investment project, “according to Kim. He said blockchain is a new technology with high risk.
KIP has been noted for investing big returns by buying stakes in YG Entertainment and Kakoo.
According to TEMCO, its application provides consumers with transparency of the supply chain process, real-time data, and a marketplace to receive discounts on quality products.
It said that unlike other competitors, TEMCO offers a marketplace for consumers to purchase discounted products with cryptocurrency.
“In the TEMCO market, consumers can use TEMCO points mall, write reviews about vendors, write reviews on the product, “like,” and comment on other user’s comments. Also, when they participate, they can earn TEMCO points, which can be converted into TEMCO Tokens. TEMCO Tokens can be used in TEMCO partner’s mall.”
The business intelligence tool and consumer application are primary mechanisms that make TEMCO different from all other systems out there. They go hand in hand because SMEs can analyze the data gained from TEMCO market using the BI-tool, and the consumers are rewarded by participating in the platform, it said.
