Samsung-backed Blocko, a leading blockchain service provider in South Korea, the UK, and Hong Kong finally launched in United Arab Emirates (UAE) after securing $16M in funding from Asia.
Block is launched in partnership SEED Group, a member of the Private Office of Sheikh Saeed bin Ahmed Al Maktoum. Before launching in UAE, the company raised $16 million in funding. This $16 million was raised through two separate funding rounds. It Secured $8.9 million is June 2018 and further $7.44 million in second round in August earlier this year. South Korea’s oldest bank, Shinhan, as well as KEB Hana Bank, LB Investment and Dadam Investment are the biggest contributor to this fund raising.
Block has already built 38 full-scale enterprise blockchain solutions for many South Korea giant such as like Samsung, Cisco, Hyundai Motors, and Gyeonggi-do province.
Actually, Blocko is a subscription service for Aergo, a enterprise blockchain for businesses. Blocko creates the genesis technology, developer tools, IT deployment blueprints and libraries that are being made available for free to developers and businesses who want to use Aergo.
Blocko and Aergo has already seen a great success in Asia and Europe and motivated by that success, they are looking to expand their business in Middle east. Phil Zamani, co-CEO of Blocko and CEO and founder of Aergo, about this new launch, 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. These are the same areas in which the Middle East in particular is seeking practical solutions.”
In April 2018, the Dubai government announced the Emirates Blockchain Strategy 2021. According to this strategy, the UAE government aims to transform 50 per cent of government transactions into the blockchain platform. The Emirates Blockchain Strategy is expected to generate annual savings of AED 11 billion in transaction and document costs, eliminating 398 million printed documents and 77 million work hours.
Hisham Al Gurg, CEO of SEED Group and strategic business facilitator to the Middle East, sharing his thoughts, said:
“The UAE and the wider Middle East region are constantly seeking advanced blockchain solutions for government and digital services. And so, we recognised 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.”