BTC Korea—the parent company of the nation’s largest crypto exchange Bithumb, is expanding its investment in incubation programs that will target several startups that develop future technologies including blockchain, artificial intelligence (AI), and fintech.
According to a report, the proposed investments would be implemented through the company’s venture capital branch—BTC Investment, which started operations in January 2019.
BTC Investment, which is a venture capital arm of BTC Korea, got consent from financial authorities in December 2018 to establish its venture capital arm. Speaking about the company’s concern to assist emerging startups in the country, a BTC Investment’s official said that the firm is committed to developing products and services that operate on future technologies.
“BTC Investment also plans to expand its investment range to other technology sectors such as biotechnology. We will also host fintech idea and business contests in the future to support future startup talents,” the official said.
BTC Investment Targeting Local Startups
According to reliable industry sources, BTC Investment has already invested in 10 local startups, which include EVR Studio and blockchain developer KodeBox. EVR Studio was among the startups listed in the popular column by Forbes “Asia’s 10 VR Startups Everyone Should be Watching Right Now.”
Currently, KodeBox is collaborating with Bithumb to develop a securities token offering (STO)-related innovation platform, which aims to provide real-world assets such as Real Estate and paintings with a management platform.
In addition to the two mentioned startups, BTC Investments is investing in IntelliQuant—an algorithm-based investment platform developer. Similarly, it’s collaborating with Brand New Technology, which is an AI-based image-producing platform.
Lately, the number of incubation programs has increased in the decentralized space. Following that, mainstream cryptocurrency exchanges such as Binance, Huobi, Coinbase, and KuCoin have established their own venture capital arms to assist emerging startups, which are committed to transforming the decentralized space with their technology.
These new developments point to the world’s interest in embracing the blockchain technology and cryptocurrencies.