Kakao’s Ground X Blockchain Subsidiary Considers Private Placement For Fundraising
There are many different ways that corporations can raise funds, but one company, Kakao Corporation, is being especially creative by looking at a private placement to generate funds for its blockchain subsidiary.
Kakao is an increasingly popular messaging application that is looking to attract investors for the development of its blockchain subsidiary. The initiative, called Ground X, is based in Tokyo. The company announced Tokyo X at the end of March and identified the business plan. The business plan conveys interest at bringing Ground X to a larger market.
The CEO of Ground X, Jason Han, stated to Bloomberg that the platform may receive capital in a month from now from consumer service companies that are collaborating with the platform. Further, Han also predicts that Ground X will be able to provide “more practical” services than others that are participating in the blockchain field.
For those who are wondering why Ground X is based in Tokyo and not South Korea, it is because ICOs are not yet legal in South Korea.