Blocko, Korea-based crypto and blockchain startup is targeting for the KOSDAQ (Korean Securities Dealers Automated Quotations) sometime in 2023.
Established in 2014, Blocko is one of “first-generation” blockchain companies in South Korea. It generated net profits of just under USD 500 million and sales of USD 1.6 billion last year.
Hire The Country’s Top Financial Firm
The Startup has hired Shinhan Financial Investment, one of the South Korean’s top financial firm in order to achieve its aim.
The financial investment will manage listing process since the firm plan to launch an initial public offering (IPO). If it’s happen, Blocko will become the nation’s first publicly listed company.
Backed by Big Companies
Previously, the Startup has been backed by giant companies such as POSCO, a steel-making company, and Shinhan Bank.
Daehong Communications, a marketing affiliate of retail conglomerate Lotte Group, invested USD 3.6 million in it earlier this year. Some people estimate the company’s worth can be reached up to $64.5 million.
The Blocko CEO, Kim Jong-hwan said that the Startup is set to begin working on a number of non-fungible token (NFT) as well as security token offering (STO)-related products with a number of Lotte Group affiliates.
Another investor in Blocko is CJ, a holding company based in South Korea. In 2021, the holding company asked Blocko to build a ticketing based on NFT that will be able to fight fraud.
Several South Korean industries have seen a similar rise in profits prior to the start of crypto winter, and the crypto sector has experienced an exponential growth.
Upbit and Bithumb, two of the country’s biggest crypto exchanges, have both attracted considerable attention in the financial markets, with multiple financial analysts claiming that Upbit is considering a Nasdaq listing in the near future.