Naver Financial Invests $15 Million in US Blockchain Company

[Asia Economy Reporter Kiho Sung] Naver Financial is investing $15 million (approximately 17.155 billion KRW) in the US blockchain company TBCA Soft. Through this investment, Naver Financial plans to expand its presence in the global payment market and explore future growth opportunities.

TBCA Soft, a US-based blockchain specialist company, announced on the 4th that it has secured a $15 million investment from Naver Financial. It is also reported that Naver Financial is considering an investment of up to $20 million (approximately 22.922 billion KRW).

This investment is notable not only because Naver Financial is investing in a blockchain startup but also due to its collaboration with SoftBank.

Along with Naver Financial's investment news, TBCA Soft revealed that SoftBank will additionally invest up to $5 million on top of its existing investment.

With this investment, SoftBank will maintain its position as the largest institutional investor in TBCA Soft, while Naver Financial is expected to become the second-largest institutional investor.

TBCA Soft supplies blockchain technology to telecommunications companies and mobile payment service providers (MSPs). In particular, it operates a service that allows users to make payments using QR codes by leveraging blockchain technology.