The Series A+ funding round was led by Woori Technology Investment, the company said via email Tuesday. It extends a $4.5 million Series A funding round earlier this year.
The Seoul-based company, whose clients include Samsung and LG, intends to use the funds to develop a range of blockchain tools, such as software development kits (SDK) and application programming interface (API) for setting up DeFi infrastructure and forging bridges between independent blockchains in South Korea and internationally.
Its aim therefore is to build the infrastructure that can facilitate interoperability between different networks. To this end, it compares itself to SWIFT, the global messaging system that enables cross-border payments by allowing banks in different countries to transact with one another.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.