Samsung-Backed Blockchain Firm Launches in UAE After Securing $16M

Blocko, a South Korean blockchain provider, launched in the United Arab Emirates after securing $16 million in funding.

On Oct. 2, Middle Eastern business publication Arabian Business reported that Blocko has partnered with SEED Group, a member of the Private Office of Sheikh Saeed bin Ahmed Al Maktoum in the UAE. 

Before launching in the UAE, Blocko raised a total of $16 million through two separate funding rounds. South Korea’s oldest bank, Shinhan Bank, as well as KEB Hana Bank, LB Investment and Dadam Investment are among those who participated in the funding round.

The blockchain company will now bring its Aergo platform to the Middle East, looking to replicate the achieved successes in Europe and Asia. Blocko CEO Phil Zamani said: We launched Aergo in response to the growing need for data sharing between industries and companies in areas such as identity verification, document management and the Internet of Things – the same areas in which the Middle East in particular is seeking practical solutions.

Blocko previously completed 38 full-scale enterprise blockchain solutions in South Korea for companies like Samsung, Hyundai Motors and Cisco and hopes to continue building through the SEED partnership. SEED Group CEO Hisham Al Gurg said: The UAE and the wider Middle East region are constantly seeking advanced blockchain solutions for government and digital services. And so, we recognised the partnership with Blocko and Aergo as a solution to satisfy the increasing need for companies working at the highest level of scale and security.

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