Orbs Blockchain Project Secures $15 Million In Funding Led By South Korea’s Kakao
Public Blockchain Startup Raises $15 Million USD In Funding Round Led By South Korea’s Kakao
Orbs, a hybrid blockchain platform, has managed to raise over $15 million USD during a funding round which was led by the South Korean giant Kakao. A representative from the company has affirmed that the investment arm of the company decided to participate in the round because they always seek to invest in creative and innovative startups and Orbs is a perfect one.
According to information released by Orbs’ official channels, the investment will be an extension of the current partnership between the companies and Ground X, which is a subsidiary of Kakao.
While the fundraising event has been happening since the beginning of the year (it was started in January), the company is already converting some of the cryptos into fiat in order to avoid losing money during the bear market that has struck the crypto market.
All salaries, according to the company, are paid in fiat, as well as most of the reserves of the company are also stored in fiat currency, which is considerably more stable than cryptos are this year. At the time, it was reported that the company already has money to operate for seven years without needing more funds.
This new startup is offering a blockchain service which intends to be both “scalable” and “universal”. Its main product will be a second layer to be used on top of other blockchain technology and decentralized apps as “liquidity of base layer”, according to the official reports from the company.
Daniel Peled, co-founder and current president of the company, has affirmed that now that the fundraising is finally complete, the company will invest more in research and continue to develop its tech to make an even better product.
The president has affirmed that the current process of research and development have used a lot of funds and that there are points in which it would be a good idea to develop the technology further. However, according to him, things will get more smooth now as people will finally be able to live test the product using the API created by the company.
Orbs’ mainnet will be live on April 2019 and the users will finally be able to use the product and to also provide some feedback.