Block Crafters
Consulting services for enterprises, acceleration program for startups, and integrated marketing program.
| Date | Investors | Amount | Round |
|---|---|---|---|
| investor investor investor investor | €0.0 | round | |
* | N/A | Early VC | |
| Total Funding | 000k | ||
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Founded in 2018 and headquartered in Seoul, South Korea, Block Crafters established itself as a consultancy and accelerator focused on the blockchain and digital finance sectors. The company was co-founded by individuals including Byung-Hoon Chung, Suyong Park, and Hoon Song. Another co-founder, Joony Koo, previously served as the head of global business for Com2uS, where he focused on developing data-centric games.
The firm's primary mission was to provide acceleration services to businesses aiming to integrate blockchain technology. This involved identifying promising teams within the digital asset industry and supporting them through investment and incubation programs. Block Crafters was officially registered as an accelerator with the South Korean Ministry of SMEs and Startups. The company's business model extended beyond consulting to include educational services for individuals, corporations, and investors seeking to understand and participate in the decentralized economy.
Block Crafters operated a venture capital arm, Block Crafters Capital, based in Singapore since 2018. This subsidiary managed professional asset management and crypto fund services, focusing on strategies like algorithm trading and quant trading. As of March 2023, Block Crafters Capital had invested in 26 companies, primarily in Seed rounds for South Korea-based startups across sectors like High Tech and Blockchain Technology.
One of the company's notable products was HaruBank, later known as Haru Invest, a global digital asset management service. This B2C platform offered users interest on deposited digital assets like Bitcoin and Ethereum, utilizing arbitrage trading strategies across global exchanges to generate returns. However, in June 2023, Haru Invest abruptly suspended withdrawals and deposits, citing issues with a service partner. Subsequently, the co-founders were prosecuted on charges of fraud for allegedly misappropriating approximately 1.4 trillion won from around 16,000 users. PitchBook data from February 2024 lists the company as out of business.
Keywords: blockchain accelerator, digital asset management, crypto fund, venture capital, blockchain consulting, fintech, startup incubation, asset management, Haru Invest, quant trading, algorithm trading, digital finance, decentralized economy, crypto investment, South Korean startup, blockchain education, ICO investment, digital asset services
