Yesterday telecoms blockchain startup TBCASoft announced the initial close of its Series B funding round, in which it raised up to $25 million. The investment was led by Naver Financial, a subsidiary of the South Korean internet company Naver Corporation, with participation from existing investor SoftBank. Naver will contribute up to $20 million, and Softbank $5 million.
The two investors know each other well, as they each own 50% of Line, Japan’s biggest social network, which owns Line Pay.
TBCASoft is based in the U.S. with strong links to Taiwan through its founder. The startup will use the funds to increase the international expansion of the HIVEX Network, which it plans to begin piloting across Northeast Asia, including Japan, South Korea and Taiwan, followed by Southeast Asia. The company also intends to attract additional talent and step up the innovations in its blockchain solutions.
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