<p>South Korean blockchain fintech company Infinite Block <a href="https://www.khgames.co.kr/news/articleView.html?idxno&#61;220225" rel="noopener noreferrer nofollow">announced</a> Monday that it has been selected to participate in the Tech Incubator Program for Startups (TIPS) program.</p><p>“Being selected for TIPS as the first domestic custodial services company to do so carries significant importance, as it acknowledges our technological capabilities and business viability on an international scale,” said the company’s CEO Jeong Gu-tae.</p><h2 id="header-0">Paving the way for an innovative future</h2><p>TIPS is a private investment-led technology entrepreneurship program organized by the Korea Business Angels Association and Korea Institute of Startup and Entrepreneurship Development (KISED) — two affiliated institutions under the Ministry of SMEs and Startups — to foster startups that possess innovative technology.</p><p>The program appoints and designates venture founders to serve as angel investors and leaders of technological enterprises as a given startup’s incubator and/or accelerator. Throughout the two-year duration of the program, the startups can take advantage of angel investor networking and mentoring and receive KRW 500 million (approximately $370,000) in research and development (R&amp;D) funding from the government. They can also receive an additional KRW 200 million in commercialization funds.</p><p>Infinite Block, which specializes in custody services tailored to corporate-owned virtual assets, was selected for TIPS by attracting investment from the fintech innovation fund operated by venture company Infobank. This is part of a series of strategic investments that it secured within just six months of its establishment, including those from leading domestic financial institutions like banks and securities companies.</p><h2 id="header-1">Pioneering fintech development</h2><p>The company has consistently been boosting efforts to expand into a prominent fintech platform, starting by <a href="https://medium.com/&#64;coinness.gl/korean-financial-authority-grants-this-years-first-vasp-approval-to-infinite-block-44d9411f804b" rel="noopener noreferrer nofollow">receiving approval</a> from Korea’s Financial Services Commission (FSC) to become a virtual asset service provider (VASP) and later on <a href="https://medium.com/&#64;coinness.gl/infinite-block-receives-certification-for-information-security-management-system-of-blockchain-1bc168066967" rel="noopener noreferrer nofollow">obtaining ISO 27001 certification</a> for the information security management system of its blockchain platform. More recently, it <a href="https://medium.com/&#64;coinness.gl/infinite-block-launches-ethereum-staking-service-for-corporations-87200af7b745" rel="noopener noreferrer nofollow">launched a custody-based Ethereum staking service</a> for corporate clients.</p><p>“We will strive to provide trustworthy digital asset infrastructure by implementing a fintech platform that not only offers innovation through blockchain and cyber security technology but also meets regulatory requirements assigned by financial authorities,” Jeong stated.</p>

Infinite Block Selected For Tech Startup Incubator Program

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