Korea Credit Data (KCD), a Seoul-based startup providing accounting software to businesses, has announced its plans to develop a blockchain solution for SMEs, The Korea Herald reported.

Founded in 2016, KCD provides a mobile accounting software (CashNote) to SMBs operating under the Korean taxation system. It has raised over $5 million in funding so far, largely from Kakao, KT, and Korea Federation of Banks.

The company is growing rapidly and currently serving nearly 70,000 businesses.

The blockchain solution will be developed in collaboration with Dunamu, the operator of Korean cryptocurrency exchange Upbit. The solution will aim to lower procurement cost and help SME operators get access to structured securities easily.

Kim Dong-ho, chief executive of KCD said that the project will be on the back of investment from Dunamu & Partners, a venture capital subsidiary of Dunamu announced in March.

Recently, Dunamu had announced that it plans to invest 100 billion won towards blockchain technologies over the next three years. It had said that it would invest in startups and firms working in such areas that can be integrated with blockchain, including data analytics and management, artificial intelligence (AI) and fintech.