Kakao launches Klatyn after generating funds in a coin offering to private investors, Kakao, the parent company of South Korean messaging app Kakao Talk has recently completed the raising of $90 million for its new venture into block chain technology, after the first round of an initial private coin offering. Kakao is looking to create and launch a new block chain called “Klaytn”.
Kakao Talk is the leading the messaging app in Korea with 93% usage in country. Korea has a massive market with 73% of the populace using mobile phones.
From a report from Bloomberg and Finance Magnates, Kakao will still be looking for further funding on a second round for investors which is set for the 12th of March. The platform was initially scheduled for launch in 2018 but Kakao leadership deemed that it needed more development and pushed the launch to June of 2019.
Who are the Players
On the first round of funding, major investors include IDG Capital, Translink Capital and Crescendo Equity just to name a few among the $90 million investment. IDG is a venture capital company that is on e of the first to explore China as an investment venture. Translink Capital is a US based Capital firm focusing on creating strategic partnerships with Asian companies. Crescendo is a private equity investor focused on the mid cap sector of Korea.
The unit of Kakao focusing on Blockchain will be named Ground X Corp and will be responsible for reaching the 10 million users of Kakao and onboarding them to Klatyn with focus on user retention after initial attraction.
Activities of Group X
Group X has already established partnerships with more than 25 partners as it hopes to push through with their mission of onboarding 10 million users to Klatyn. Some of their partners include WeMade Tree and Piction Network. According to Group X CEO, Jason Han, the Kakao Block chain will be introducing a wide array of apps that are develop by their partner developers.