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Crypto SA was granted the funding as part of the Incubator Support program, which provides business incubators with grants of up to A$500,000 to assist Australian startups in gaining the capabilities required to succeed in international markets.
Scheduled to open in September, Crypto SA Lab will select ten startups to provide them with mentorship, free co-working space, training and business advice. Select startups will also have access to white-label providers, developers, startup entrepreneurs and a network of experts, said Crypto SA co-founder Yawn Rong. Several startups have already applied to the incubation program and Crypto SA is currently in the vetting process.
Designed to help nurture a thriving blockchain community in Adelaide, the Crypto SA Lab program will be the first of its kind in Australia and will help make the South Australian capital a blockchain city, Rong said.
“There are co-working spaces for blockchain in Melbourne and Sydney but there are no acceleration programs there,” he said, quoted by the Lead South Australia.
“There are think tanks with blockchain departments, as well as university courses, but there are no specialized incubator programs in Australia that support the development of the proof of concept after their preliminary blockchain studies.
“Crypto SA Lab is about building a community and an industry in South Australia by providing these technical skills.”
Because of the lack of developers in Adelaide, the city has struggled against Melbourne or Sydney as a blockchain hub, Rond said, adding that the company saw there an opportunity to attract talent and develop the local blockchain community.
“We saw this incubator opportunity and said if we can utilize all these government resources, and get all these big businesses to set up in an original office in Adelaide,” Rong said.
The program will culminate with a trip to Singapore or China where the startups will present their work at a “Shark Tank-style industry showcase” in the hope of getting funding.
“The incubator will polish up their deck, or their minimal viable product, or proof of concept for this event,” Rong said. “We hope to attract venture capitalists.”
Crypto SA is a blockchain advisory and investment organization operating across the Asian Pacific (APAC) region. It specializes in early stage participation in upcoming blockchain projects and provides services such as legal and financial compliance, smart contract support, exchange listing, market making and ecosystem development.
In March, Adelaide hosted the ADC Global Blockchain Summit, the first international blockchain summit in Australia. At the event, crypto exchange startup Binance announced its entry in the Australian market with CFO Wei Zhou stating that “Australia has been at the forefront of blockchain innovation.”
Blocko, a South Korean startup backed by Samsung, has launched its hybrid blockchain Aergo Enterprise and initiated a migration program for clients using its private blockchain product Coinstack, which the company will officially be retiring, it said in a release earlier this week.
Aergo Enterprise focuses on providing greater levels of security, scalability and performance, and its hybrid approach allows for the exchange of assets such as information, tokenized goods, and supply chain registries between blockchains using Merkle Bridges, as well as increased data integrity, the company says.
Features of Aergo Enterprise include simplified administration with easy-to-integrate, one-click provisioning of custom blockchains as well as simplified cloud system orchestration, easy monitoring with a dashboard, transaction and block history, as well as resources and asset monitoring for independent blockchains, extended node management systems for more configurations and settings such as managing permissions and deleting data, development kits, pre-built applications, and around-the-clock support.
Aergo Enterprise runs on the Aergo main network, an open, permissionless system for enterprise launched earlier this month. Non-profit organization Aergo Organization is responsible for promoting and developing the Aergo ecosystem.
“We’ve been supporting Aergo Organization in the design and construction of the Aergo platform for a full year. After a long and intensive R&D process, we are excited to finally launch our largest product to date,” said Won-Beom Kim, founder and CEO of Blocko. “Our existing customers will be able to complete the migration program with ease and switch to our hybrid, high-performance blockchain network setup to achieve greater levels of security and scalability, while expanding their use cases.”
Founded in 2014, Blocko is a commercial blockchain infrastructure provider and a leading blockchain startup in South Korea, serving more than nine million users through various blockchain applications.
In the past five years, Blocko has built over 20-full scale blockchain implementations on private and public blockchain ledgers for purposes of inter-organizational communication. Some examples include a single sign-on service for subsidiaries of the Shinhan Financial Group, an e-document stamping system for all employees of Hyundai Motors, and other management systems for Samsung Card to facilitate interactions with foreign entities.
In March, the company announced the implementation of a blockchain solution it developed for land registry in South Korea. The Land Registry Project, an initiative from the South Korean government aimed at using blockchain to improve various public service sectors, seeks to eliminate costs associated with document forgery and sensitive information leaks by implementing blockchain technology.
The platform passed its initial testing phase and is planned to move towards a full-scale implementation scheduled to take place throughout the course of the year.
Blocko secured US$8.9 million in its latest round of funding in June 2018 to strengthen its presence in South Korea as well as in Europe and East Asian markets.
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