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Korean startup to develop blockchain-powered solution for SMEs with Upbit operator

Korea Credit Data, a South Korean startup providing accounting software to small and mid-sized companies, will embark on a project to develop a blockchain-powered solution for SMEs, the company said Friday. 

Dunamu, operator of Korea‘s largest cryptocurrency exchange Upbit, will coordinate with KCD to develop the blockchain solution to lower procurement cost and help SME operators get easier access to structured securities.

The project will be on the back of investment from Dunamu & Partners, a venture capital subsidiary of Dunamu, according to Kim Dong-ho, chief executive of KCD.

KCD has drawn some 70,000 customers running SMEs under Korean taxation system as of Friday, through its signature mobile accounting software “CashNote.”

By Son Ji-hyoung