Kakao is a leading Internet conglomerate at South Korea. According to source report, Kakao is building a brainchild of Ground X in Singapore- Klaytn. Ground X is basically a subsidiary at Kakao platform and is looking forward to expanding their corporation’s blockchain platform Klaytn.
The reports also state, following the Singapore Chamber of Commerce, Kakao Corp are planning to establish another major corporation in Singapore to manage the investments. Kakao desires to attract around 100 billion won worth of investment from their institutional investors and venture capital via Klaytn platform in December. Additionally, the article mentions:
This investment contract seems to include not only sales of simple tokens but also Kakao blockchain business cooperation. The reason for the establishment of an investment corporation in Singapore is that it is easy to raise funds and has a large tax benefit.
Back in October, messaging app Kakao releases Klaytn’s Testnet prior to its official launch. The launch of Klaytn is set for the first quarter in next year- 2019. The previous week, Kakao announces its new partner stablecoin project Terra. Moving with the collaboration, they will use Klaytn as a blockchain payment system
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