Kakao Chooses Cosmochain As Its First Blockchain Investment
Populated social media platform, Kakao has recently revealed that it will be entering the blockchain industry. To ensure that the team involved starts their journey on the right foot, a large investment is said to have been provided to blockchain-based beauty content provider, Cosmochain. While the specs and agreement terms were not disclosed, a representative of the Kakao team confirmed the investment made, as per CCN’s report.
It seems that Kakao has several subsidiary firms, and the one to have invested in Cosmochain was actually Kakao Investment. Kakao’s other subsidiaries, include investment-based, Kakao Ventures, head company, Kakao G and blockchain-based, Ground X.
The investment made on behalf of Kakao seems to come at the right time, as Cosmochain is in the process of finalizing and releasing what it calls, the COSMEE app. The app is a social media platform dedicated to sharing content on beauty and forming an online community that exchanges tips and advises. For the time being, the COSMEE app is set to launch on August 20, 2018.
The reason why Kakao had particular interest in choosing Cosmochain as its first blockchain investment is based on the other players who have contributed to the project, which include HASHED’s CEO, Seo Jun Kim and VC firm, NEOPLY’s CEO, Young Kil Kwon.
As for the details and reward system implemented within the COSMEE app, it appears that users will be presented with ‘Cosmo Power’, given that one makes the effort to communicate via the app. In particular, users must do so by either sharing and publishing content or presence is believed to be represented by the number of likes. As users accumulate Cosmo Power, they will be able to either purchase goods, or convert it to its native crypto token, Cosmo Coins.
Any improvement experienced by Cosmochain will directly impact Kakao, and with many forecasts suggesting that the COSMEE will one day be supported by Ground X and possible collaboration with Kakao, it could make Kakao Investments’ first pick an ideal start.
CEO of Cosmochain, Ho Won Song appears to be blissful of Kakao’s contributions, and shared that, moving forward, much more will be done to uphold their current relationship. In particular, Ho Won Song said,
“We are the first blockchain project to be invested by Kakao, we will plan various strategies to create significant synergy with Kakao.”