The Seoul Metropolitan Government intends to invest 1.2 trillion Korean won ($1.07 billion) in fintech startups working with the blockchain technology by 2022.
Funds from the innovation development fund, established last year by local authorities, will be allocated for the development of new technologies.
In the first half of this year, the fund will allocate 13.25 billion won ($11.75 million) for this purpose, and 8.4 billion won ($7.45 million) in the second half. According to the Korean authorities, blockchain is a revolutionary technology and an integral component of the Fourth industrial revolution.
Officials also noted that the average amount of investment per a startup in South Korea is almost seven times lower than, for example, in the Silicon valley.
Recall that last autumn, the Seoul authorities presented a five-year plan of the blockchain industry development.