Popular South Korean actor and a fellow businessman Bae Yong-joon has invested an undisclosed sum in blockchain-based seafood trade startup ‘Seamon’.
Seamon head Lee Jung-hoon said that, while he cannot disclose the amount of Bae’s investment, it is “a meaningful amount” worth “more than tens of millions” of South Korean ‘won’.
So, when Bae was asked to be an advisor to the Seamon project, he instead “signed an investment contract last month.” Seamon is developing a blockchain-based seafood transaction and smart contract system, according to their whitepaper.
The project intends to address common problems with the international trade in marine products such as defaulting on payments, or late payments. Project will also highlight the main points regarding the international trading in marine products along with its future roadmap.
Lee further said that Bae has long been interested in the food businesses, including marine products. So, when Lee asked Bae to be an advisor to the Seamon project, he instead “signed an investment contract last month.”
Seamon is developing a blockchain-based seafood transaction and smart contract system, as per a recent source. The project aims to make global seafood transactions “as transparent as possible, reduce unnecessary expenses, and achieve a faster and safer international transactions.”
The team is set to create a cryptocurrency called ‘Seamon coin’, which will be used in payments and as a store of value.
For future purpose, it is also planning to launch an exchange called SeamonX for seafood trading market. It could be in either Q3 or Q4 of 2019.