MyCreditChain raises 3 million dollars
The first recorded case of new concept ‘Reverse ICO’ in South Korea
The Credit information blockchain company, Mycreditchain(MCC), raised about 3 million dollars of seed money. Along with VC funding, the ‘Reverse ICO’, which attracts global investment through ICO for already established companies, is starting to appeal these days, and MCC is also expected to be one of the successful stories.
Telegram has been successful with its reverse ICO funding attracting approximately 1.7 billion dollars, and some of leading Korean IT companies recently announced their ‘Reverse ICO’.
Not only raising seed money, MyCreditChain has attracted early funding from domestic leading IT companies, recognized for its unique credit information blockchain platform. ‘Finger’ is a company that has led the development of South Korea financial system for last 20 years, and it has been providing services to major South Korean banks with its ‘Scraping technology’. ‘Fintech’ provides its ‘social credit evaluation model’ and ‘DRM parsing technology’ to use alternative data for credit evaluation and to utilize data from secured electronic documents. This technology is currently employed by some of the banks and the insurance companies in South Korea. MyCreditChain plans to upgrade these technologies and apply them to its blockchain platform.
In addition to this, a variety of leading financial and marketing companies in Korea participated as founders. These companies have promised technical support to the MyCreditChain project and will join MyCreditChain platform as 3rd parties in the future.
Fintech companies, ‘Finger’, ‘Fintech’, and ‘Landing Science’, will provide technology and know-how on data collection and data analysis. Exchain’s blockchain know-how also has been completely incorporated into MyCreditChain. KOSDAQ registered security company, Ksign, is a great partner providing MyCreditChain with its security technologies.
Other well-known founders for MyCreditChain are ‘Deotis’, ‘M&WISE’, ‘OrnageIT’, and ‘AEGIS Enterprise’. These companies have a variety of customers and marketing solutions. Currently, ‘Ecomarketing’ is conducting joint marketing with MyCreditChain, and BizModeline is a strategic partner for patent. Unitas is specialized in Risk & Compliance, and BClabs is a blockchain investment company. FingerVina is expected to be a great partner for MyCreditChain in Vietnamese financial Market. Among the Blockchain companies, Edenchain, GovernTech and Boscoin have Joined up to support MyCreditChain with their blockchain solutions.
Yang Jae bong, the CEO of MCC, said, “Many of our partner companies have invested in the seed money. MCC raised a large amount of funds before ICO,” and he also stressed that, “We will continue to attract investment Series A as well as ICO, and this will be recorded as a new form of ICO.”