Cosmochain’s FitsMe Beauty Product Platform Looks to be Acquired by Kakao Investment

Investment in crypto startups and blockchain technology is still on the rise as according to reports, Kakao might be acquiring a product called FitsMe from blockchain firm, Cosmochain. Kakao, the parent company for KakaoTalk which is South Korea’s biggest messaging app, already dominates South Korea’s messaging business by more than 90% and is looking to expand its empire.

FitsMe is a service focused on recommending beauty products and this means that Kakao is still marching forward in the beauty industry as well. This acquisition will be handled through the company’s venture division, Kakao Investment. At the moment, neither Cosmochain nor Kakao has announced any specific details regarding the amount being considered or how much of a stake in Cosmochain will be acquired by Kakao. Cosmochain has also said that a decision on whether or not Kakao will also be acquiring its management rights is yet to be made.

A while ago, it was announced that Kakao Investment was considering this acquisition because it was looking to put forward a new beauty service by connection Kakao Hairshop, a platform that lets you make a hair salon booking, to Cosmee, Cosmochain’s blockchain decentralized app (DApp) social media. Cosmochain has said that the investment is unconnected and has “nothing to do with Kakao Hairshop.”

Cosmochain has now officially announced that Cosmee will be discontinued as its major functions will be incorporated with FitsMe.

“FitsMe service that was newly launched on June has ranked on the top 10 of the beauty category at Google Play Store. We are shutting down COSMEE because we will incorporate its key functions into FITSME”,

said a Cosmochain representative.

The representative also explained that Cosmochain will not stick with the beauty sector alone but will also expand into fashion.

“Cosmochain will expand its business into women’s lifestyle data platform by collecting purchase and preference data on not only beauty, but also plastic surgery, skin care and fashion.”

FitsMe will be powered by Klatyn, Kakao’s blockchain platform.

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