Korean Actor Invests in Blockchain Seafood Trade Startup

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Popular South Korean actor and businessman Bae Yong-joon has invested an undisclosed sum in blockchain-based seafood trade startup Seamon.

Seamon is developing a blockchain-based seafood transaction and smart contract system, according to information from its white paper. The project aims to make global seafood transactions “as transparent as possible, reduce unnecessary expenses, and achieve the faster and safer international transactions.”

The team is also creating a cryptocurrency called Seamon coin, which will be used in payments and as a store of value. It is also planning to launch an exchange called SeamonX for seafood trading market in Q3 or Q4 of this year, the white paper indicates.

The project aims to address common problems with the international trade in marine products such as defaulting on payments, or late payments. With marine products, this is a particularly vital issue to solve, as their freshness quickly expires, the report says.

Importers will be able to purchase Seamon coins from SeamonX and exchange them for products, making payments in real time. Exporters will be able to exchange the tokens for fiat currencies like the U.S. dollar, or the stablecoin tether (USDT), Lee said.

These are important use cases for the industry, as they show the real world value to both customer and business in using blockchain to oversee, manage and protect resources. By being able to track and have that tracking be available in a transparent manner to both seller and purchaser, we have a system that can help to better guarantee resources being what they are, sent when they were proposed to be sent and assets that can be tracked and paid for real time.

Seamon coin is already listed on the BCEX exchange with the ticker symbol SMEX, according to CoinDesk Korea. The exchange will also carry out a free distribution, or “airdrop,” of about 5 billion won ($4.42 million) in tokens from March 25.

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