IoTrust announced on the 9th that it has been finally selected for the ‘Baby Unicorn 200 Development Project’ hosted by the Ministry of SMEs and Startups.
The Baby Unicorn 200 Development Project is a program that discovers baby unicorns with verified innovative business models and growth potential and nurtures them into prospective unicorn companies (with a corporate value of over 100 billion KRW) equipped with global competitiveness.
Companies selected as baby unicorns receive up to 300 million KRW in new market pioneer funds, consulting from VCs and investors to enter new markets, support for regulatory improvements that hinder growth into future unicorn companies, as well as various financial supports (up to 5 billion KRW) and policy funds (up to 10 billion KRW).
Out of a total of 284 SMEs that applied, 60 companies were selected as baby unicorns with a competition rate of 4.7 to 1.
IoTrust received a 2 billion KRW investment from Korea Investment Partners in 2017 and launched the blockchain wallet ‘Decent.’ They established a hardware mass production system with their own technology and developed the entire stack of wallet technology with in-house developers to start the service. Later, they also launched a software wallet, and last year, it grew by 20% monthly on average, becoming a wallet used in 160 countries worldwide.
Additionally, last year, IoTrust attracted 6.5 billion KRW in investments from five investment firms?L&S Venture Capital, KDB Capital, K-Learn Ventures, SL Investment, KB Investment?and from Jiransoft Security, a KOSDAQ-listed company, gaining recognition from investors for the innovativeness and growth potential of their business model.
Baek Sang-su, CEO of IoTrust, stated, “Blockchain wallets will serve as a gateway connecting users to the blockchain world and enabling better choices. The services that blockchain wallets can provide are limitless, and this year we are unveiling the services we have been contemplating one by one. While wallets traditionally focused on securely storing assets, the recently launched exchange/purchase service is an example of expanding functionality. Empowered by this Baby Unicorn selection, we will actively compete with Ledger, the global No.1 hardware wallet, and MetaMask, the No.1 software wallet.”
A representative from Decent stated that to enhance the core value of the wallet, they are continuously supporting various mainnets and NFTs, launching a dashboard that allows users to view their virtual assets at a glance, simplifying Buy & Sell services that provide on-ramp and off-ramp for virtual assets, and sequentially launching tools that enable blockchain services such as P2E, M2E, and L2E to easily integrate with the wallet.
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