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ICONLOOP raises $5m, to launch decentralized identity service soon

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On July 3, South Korean blockchain firm ICONLOOP announced it raised 6 billion won ($5 million) led by TS Investment and Korea Asset Investment Securities. 

The company positioned this as a “bridge investment” rather than an extension of the company’s Series A round, which raised 10 billion won ($8.3 million) in October last year, bringing the total capital raised to 16 billion won ($13.4 million). 

The full list of investors includes the Korea Growth Investment Corporation (K-Growth), Kiwoom Investment, Danal Holdings, K-Clavis Investment, TS Investment, Korea Asset Investment Securities, and Pathfinder H. 

ICONLOOP is developing a decentralized identity platform called MyID, scheduled for a commercial release in the third quarter. The company formed the MyID Alliance along with 68 institutions such as commercial banks, securities companies, e-commerce companies, and manufacturers. That’s almost double since we first wrote about the alliance nine months ago. 

The My ID solution is approved by the Korea Financial Services Commission (FSC) for authenticating users for financial transactions.

“The designation as an innovative financial business operator has paid attention to the fact that it is the only technology company that has a DID solution that can be immediately introduced in the financial sector,” an official from K-Growth said.  

“The launch of My ID-based service that incorporates Icon Loop’s own DID technology will be an important opportunity to lead the big flow of realization of self-sovereign type ID system,” said Kim Jong-hyop, CEO of ICONLOOP. 

ICONLOOP has developed a proprietary blockchain called LOOPCHAIN, which is currently in use in South Korea for public, financial and insurance services. The company plans to first introduce the digital identity platform in financial services infrastructure and then scale it to other sectors. 

The MyID Alliance is one of several decentralized identity consortia in South Korea, including Initial DID in which all the major local telecoms firms are participants and the DID Alliance, which also has international ambitions.

Meanwhile, ICONLOOP is also providing free support for VisitMe, the visitor management application, in a bid to tackle COVID-19. Called VisitMe Electronic Guest Book Service, the solution enables logging a guest by scanning a QR code at the point of entry. The goal is to prevent using physical pens and guest books, which could spread the coronavirus. But also it maintains a record of entering an area so people can be notified if someone in the building tests positive for the virus. 

The service is currently in use at convenience stores, cafes, and hospitals in Gangnam, Apgujeong, Hongdae, and Gyeonggi areas.