Blockchain

Blocko launched in the United Arab Emirates after securing $16 million.

A South Korean Blockchain provider Blocko, has been launched in the United Arab Emirates after recently securing a $16 million from Asia.

The Arabian Bussiness reported on October 2 that the Samsung backed blockchain provider has partnered with SEED, a member of the private Ofice of Sheikh Saeed bin Ahmed Al Maktoum.

Per the report, Blocko secured $8.9m in funding in June 2018 and later secured $7.44 from Koreans oldest bank and as well as KEB Hana Bank, LB Investment and Dadam Investment in August 2019.

Phil Zamani, co-CEO of Blocko and CEO and founder of Aergo, said: “We launched Aergo in response to the growing need for data sharing between industries and companies in areas such as identity verification, document management and the Internet of Things – the same areas in which the Middle East, in particular, is seeking practical solutions.”

The UAE Government launched the Emirates Blockchain Strategy 2021, in April 2018, whose objective is to transform 50 percent of government transactions into the blockchain platform by 2021.

“The UAE and the wider Middle East region are constantly seeking advanced blockchain solutions for the government and digital services. And so, we recognized the partnership with Blocko and Aergo as a solution to satisfy the increasing need for companies working at the highest level of scale and security,” said Hisham Al Gurg, CEO of SEED Group and The Private Office of Sheikh Saeed bin Ahmed Al Maktoum.

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