Kakao Corp raises $90 million for its “Klaytn” blockchain project

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Kakao Corporation is the parent company of the messaging app “KakaoTalk”, based in South Korea. The parent company just recently managed to raise the staggering amount of $90 million for its new blockchain platform called “Klaytn”.

According to Bloomberg and Finance Magnates, the company is looking to raise more or less the same amount of money in a second round that will commence on March 12th. The initial funding was raised through private coin offering.

Investors in the $90-million pool included IDG Capital, Crescendo Equity Partners, and Translink Capital, among others. The launch of the platform was supposed to commence in 2018, but, according to company’s representatives, it needed more time for development. The launch is now scheduled for June, 2019.

The blockchain unit of Kakao is called “Ground X Corp”. Its mission is to onboard around 10 million users once Klaytn is launched and active. In addition, the company is looking to hire more employees to work for the blockchain project.

According to the CEO of the blockchain unit of the company, Mr. Jason Han, Ground X will fill the new platform with a variety of apps developed by third parties. For example, Ground X has already established partnerships with around 25 companies to run their apps on Klaytn. User attraction and retention are also top priorities of Kakao Corp with the implementation of Klaytn.

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