Korean Messaging App Kakao to Raise Funds for Crypto Move
Kakao to Raise Funds The firm that created Kakao, South Korea’s number one messaging app, has indicated that it will have a private placement this month in order to raise money for a crypto platform. According to a June 28 report by Bloomberg, the platform will be separate from the messaging application due to fears over the lack of ICO regulations.
Ground X to seek business alliances
Kakao to Raise Funds
Ground X Corp., which is a subsidiary of Kakao, is a Blockchain initiative headquartered in Tokyo. The initiative aims to help the company achieve considerable success outside South Korea. In an interview, CEO Jason Han states that the company seeks to make capital and business alliances with consumer-service companies. The primary objective is to look for companies that offer internet or mobile services, which can be integrated with Blockchain tech.
Established in March of this year, Ground X’s creation follows a boom in cryptocurrency prices and the supposed start of the bear market. The initiative intends to have a pilot version by September and be able to launch the product by the end of 2018. Given that existing products and decentralized applications (dApps) cannot be considered as user-friendly, Han states that he wishes to introduce a product designed to be more practical. Han adds by saying:
“The biggest problem with blockchain right now is that there isn’t a single service that an average person would use. Our services are going to be more practical. We’re going to create a service that people can use without having to learn the language of crypto.”
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