Kakao’s Blockchain Subsidiary, Ground X Raises $90 Million In Token Sale

Kakao, which is one of South Korea’s most popular messaging app aims to be at the forefront of the fight for blockchain adoption and accessibility. Back in 2018, Jason Han, CEO of Ground X which is a Kakao subsidiary said, “The popularisation of blockchain requires providing a practical blockchain service for mass adoption thereby validating the value and utility of blockchain technology.”

Now, as per a report by Bloomberg, the Kakao based subsidiary has managed to raise an instrumental $90 million in a private coin offering and the company has plans to conduct another coin offering on the 12th of March, to get revved up for the launch of their blockchain project in June.

In the report, CEO Jason Han stated that as part of the proceedings of this round of the offering, Translink Capital, Cresendo Equity Partners and IDG Capital took part. The next round would also commence soon, he said.

After it first announced the decision to launch their blockchain platform called Klaytn in 2018, Kakao is now pretty close to the launch phase. In an earlier statement, Ground X revealed that, “Klaytn UX seeks to improve the inconvenient UX of existing blockchain platforms by allowing average end-users to experience blockchain technology in the most seamless way.”

Furthermore, “The easy Klaytn UX eliminates the traditional inconveniences including wallets, private keys, and cryptograph addresses in order to lower the barriers to blockchain technology for normal end-users.”

The Klaytn platform was first launched as a testnet in 2018, which the company dubbed as their unique way of creating new decentralized applications and also includes the very cool idea of an “incentivised blockchain co-work community” where users can answer queries and reap in “Klay” tokens as a reward. According to the report by Bloomberg, Kakao has collaborated with 26 companies that are set to feature their apps on Klaytn, and these include, game developers, travel agencies and video streaming sites.

According to Han, “There’s going to be a wide spectrum of services. We’re continuing to have conversations with Kakao.” He added that the entire project is based on improving existing smartphone technology and services by integrating the blockchain into it and stated that gaming apps are most likely to have the most popular on the platform.

Komal Zaheer

Writer. Procrastinator. Bra Burning Feminazi. Likes to make people laugh. Student of Journalism.

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