​Seoul to create 100 billion won blockchain fund

South Korea's capital Seoul plans to create a blockchain complex to house around 200 companies as well as create a 100 billion won fund to foster talents in the sector.

Seoul will create a blockchain complex to house around 200 companies as well as create a 100 billion won ($88 million) fund to foster talents in the sector, the city's mayor has announced.

The fund will be created through private and public investments, Mayor Park Won-soon said.

It is a five-year plan, and a total 123.3 billion won will be invested to form the complex.

Seoul said the main goal is to foster an ecosystem for the emerging technology. The city also plans to support companies and strengthen cooperation with the private sector.

The blockchain complex will be built within existing buildings in two districts of Seoul, Gaepo and Mapo, with the former taking up 600 square metres and latter 2,325 square metres by 2019. Together, they can host 73 companies.

At Gaepo, by 2021, the 13,000 square metre Seoul Global Block Center will be built to house 120 companies.

Seoul is partnered with Ground X, chat giant Kakao's blockchain subsidiary, to co-develop blockchain projects to apply to the public sector.

It is also working with Samsung SDS to apply blockchain.

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