Woori Technology Investment, founded in 2019, is the investment arm of Woori Financial Group, one of the largest financial services companies in South Korea. Recently, Woori Technology Investment led a $4.5 million Series A+ funding round in Sooho, a blockchain infrastructure provider specialized in smart contract auditing services. This highlights Woori Technology Investment’s growing interest in backing blockchain and cryptocurrency related startups with high growth potential.
Woori Technology Investment continues expanding crypto investment portfolio
The latest funding round comes after Woori Technology Investment’s first crypto investment in July 2022, when it led Sooho’s $4.5 million Series A round. With the follow-on investment, Woori Technology Investment aims to tap into the rapid growth of blockchain and DeFi applications. Sooho provides infrastructure tools like smart contract auditing platforms to improve security and interoperability of blockchain networks. As cryptocurrencies gain wider adoption, the need for better developer tools and infrastructure will surge. This creates attractive opportunities for companies like Sooho and its backers.
Sooho poised to benefit from booming DeFi and blockchain sector
Despite recent crypto market turmoil, blockchain technology and DeFi hold strong long-term growth potential. As a leading Web3 infrastructure provider in South Korea, Sooho is well-positioned to capitalize on rising demand for blockchain solutions. With the new funding, Sooho plans to expand its suite of developer tools and explore innovative DeFi offerings. For Woori Technology Investment, its timely bet on Sooho gives it exposure to a high-upside sector.
More financial institutions investing in blockchain startups
In recent years, an increasing number of banks, insurance companies and other financial institutions have started exploring blockchain and crypto investments. Major players like Goldman Sachs, JP Morgan, and Franklin Templeton have backed crypto companies involved in trading, custody, DeFi and NFTs. As the technology matures and regulatory outlook clears, traditional financial giants see blockchain’s disruptive potential across payments, lending and investing. This is prompting them to place strategic bets early on promising startups through investment vehicles like Woori Technology Investment.
Woori Technology Investment’s follow-on investment in blockchain infrastructure startup Sooho signals growing conviction in the crypto economy among traditional financial institutions. Its expanding crypto portfolio also underscores emerging opportunities across Web3 for investors.