Busan is good

Investment Focused on Commercialization Support Funding for Outstanding Blockchain Companies in Busan Metropolitan City

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Busan Metropolitan City (Mayor Park Heong-joon) announced that it will hold a launch report meeting today (June 9) at 2:00 p.m. at the Busan International Finance Center (BIFC) to ensure the successful implementation of the “2026 Blockchain Specialized Cluster Development Project.”

The meeting has been organized to bring together 19 companies selected through this year’s public competition, along with investment institutions such as accelerators (ACs) and venture capital firms (VCs), to share project directions and detailed initiatives while strengthening a collaborative framework for successful project execution.

Since being designated as Korea’s first Blockchain Regulation-Free Special Zone in 2019, the city has successfully revised foundational legislation necessary for promoting the blockchain industry through the demonstration and safety verification of six regulatory-exception projects conducted over several years.

In addition, the city has steadily established a robust industrial infrastructure through the concentration of business support facilities and talent development programs and has focused its capabilities on creating an advanced ecosystem linked to regional emerging-industry development policies.

Building on the achievements of the special zone, the Blockchain Specialized Cluster Development Project is a regional blockchain industry promotion initiative jointly funded by Busan Metropolitan City and the Ministry of Science and ICT. From 2024 to 2026, the two parties are each contributing KRW 10 billion annually, for a total matching investment of KRW 20 billion over three years.

Having generated meaningful results over the past two years, including investment attraction and job creation, the city secured the full amount of national funding originally planned for this year. Based on this achievement, it intends to expand the scale of corporate support and advance the project in a stable manner.

The call for proposals for joint project initiatives, conducted since March, attracted a large number of outstanding companies and recorded a highly competitive ratio of 5:1. Ultimately, three projects in two categories involving five companies were selected.

For designated projects, SmartM2M and PortNex were selected for the “Commercialization of a Blockchain-Based Real-Time Maritime Port Logistics Information-Sharing Platform (‘Port-i’).” For open-category projects, iCuca was selected for the “Development of a Blockchain-Based Busan-Style Smart City Life Platform,” while Marina Chain and DB Securities were selected for the “Development and Commercialization of a Blockchain-Based Carbon Reduction STO Platform.”

In particular, Port-i, promoted by the Busan Port Authority and selected as a designated project for the third consecutive year, aims to improve port operational efficiency by integrating information previously managed separately by stakeholders at Busan Port—including shipping companies, transport operators, and terminal operators—into a single digital platform.

Having successfully completed development and demonstration over the past two years, the platform plans to move into full-scale commercialization across Busan Port this year, driving operational efficiency, reducing logistics costs, and increasing cargo throughput.

In the Corporate Commercialization Support category, 40 companies applied, and 14 companies were ultimately selected. The program aims to create a virtuous cycle of revenue growth and job creation by providing commercialization funding and customized support to local companies that remain in the early or growth stages of development.

The 14 selected companies are DevAll Company, DXWorks Co., Ltd., ReTrust Co., Ltd., MyStarChain Co., Ltd., MingleMood, Sandberg Co., Ltd., Seoul Labs, SupLabs Co., Ltd., Uncommon Lab, AI Platform Co., Ltd., Iruti Co., Ltd., WhaleRoad, CrossHub Co., Ltd., and Primus Co., Ltd.

The city also plans to actively leverage global markets with flexible regulatory environments for the blockchain industry to expand growth opportunities for participating companies.

To sequentially target major markets such as Singapore (April), Europe (June), and Vietnam (September), the city will support company-specific investor relations (IR) activities, business consultations, and travel expenses. Through these efforts, it aims to establish a “global scale-up” environment that enables regional companies to compete successfully on the international stage.

Lee Jin-su, Director General for Financial and Startup Policy at Busan Metropolitan City, stated, “Building on the achievements accumulated over the past two years, we plan to move beyond the technology demonstration stage this year and focus our capabilities on commercialization and market expansion.”

He added, “As this marks the final year of the three-year project, we will provide systematic support to ensure that the outcomes achieved thus far lead to follow-up projects and private-sector investment.”