Kakao raises $90m in private coin offering for blockchain platform Klaytn

11 Mar, 2019 | Updated: 11 Mar, 2019
by Ryan Boltman
Kakao raises $90m in private coin offering for blockchain platform Klaytn

South Korean messaging app operator Kakao, has raised over $90 million in a private coin offering round for their blockchain unit Ground X Corp. 

Bloomberg announced the news, following the successful completion of Kakaos $90m funding round from venture capital and private equity funds including IDG Capital, Cresendo Equity Partners and Translink Capital.

Kakao is set to launch their blockchain platform in June, known as Klaytn. Klaytn is a service-centric blockchain platform that provides easy development environment and friendly end-user experience.  The platform allows real world applications of large scale to be produced right away. Klaytn is the future designed by Ground X.

Ground X will be looking to run another funding round scheduled to begin in March, and looking to raise roughly the same amount of funds as before.

Kakao will be looking to launch their blockchain platform feature service such as games and travel apps. The blockchain platform is called Ground X, and include game developer Wemade Entertainment Co, Watcha Inc. and Travel Agency Zanadu.

Read more: Bank of Korea says digital currencies could threaten commercial banks

CEO of Ground X, Jason Han commented on the the future of Ground X, “There’s going to be a wide spectrum of services”. The blockchain service is looking to have created over 10 million accounts within a year, taking advantage of the existing services that are already involved.

The blockchain platform has already been delayed, but with new funding and Han stating that aggressive hiring will start taking place, Ground X could be set to launch this year.

Read more: Samsung crypto wallet: 6 coins that are potentially involved

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Read more about: South Korea

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