Popular South Korean actor and businessman Bae Yong-joon has invested in blockchain-based seafood trade startup Seamon. Lee Jung-hoon, Chairman of Seamon was quoted in South Korea media 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.”
Editors note: 10 million KRW = $8,800 USD so a 100 million KRW investment would be worth around $88,000, not a large amount of cash, but Seamon’s brand is also enhanced by the fact that Bae Yong-joon is an investor.
Lee in other media was quoted as saying that Bae has long been interested in the food businesses, including marine products and that when Bae was asked by Lee to become an advisor and investor, he immediately agreed in principle and that an investment contract was signed in February.
According to information that Seamon has supplied in its investment prospectus, the company is developing blockchain-based smart contract systems for seafood transactions. The company wants to make global seafood transactions “as transparent as possible, reduce unnecessary expenses, and achieve faster and safer international transactions.”
In addition, Seamon is creating its own cryptocurrency, “Seamon Coin”, which will be used in buyer and vendor transactions as a payment system and as a store of value. To support its operations and continue the build out of its business, Seamon is planning to launch an exchange in the fourth quarter of this year, SeamonX, which will be a seafood trading market.
Seamon has identified a number of common issues related to international trade in marine products. These include defaults on payments and late payments and this is an considered a “critical” issue with marine products which need to be processed through the supply chain quickly so that they reach consumers when they are fresh.
Using Seamon’s integrated systems, importers will be able to purchase “Seamon Coins” from the SeamonX exchange and then use the coins for products. The coins will allow purchases and payments to be made in real time, which will speed up the process of delivery to consumers. In the Seamon system, exporters will be able to exchange their tokens for fiat currencies like the U.S. dollar.