South Korea’s KakaoTalk Secures $90 Million for Klaytn’s Ground X Blockchain Platform


The Kakao Corp, which is the parent company of the South Korean messaging app referred to as the KakaoTalk has finally managed to raise about 90 million for the Klaytn, which is the blockchain platform.

Bloomberg went ahead to report that the money acquired was through a private coin offering, and there will be another fundraising round that is seeking the same amount of funds and is expected to begin tomorrow 12th March.

The CEO of the Kakao blockchain unit, Jason Han, which is known as the Ground X Corp spoke to Bloomberg.

He went ahead to tell Bloomberg the venture capital together with the private equity funds; this is the likes of Crescendo Equity Partners, Translink, and the IDG Capital are among the firms that had contributed to the initial round that was held by the company.

Initially, the platform had been scheduled for a launch to take place last year but they needed to have a little bit more time; thus, the launch has been set for June this year.

Within the bear market environment gathering $90 million is quite a large sum

The success that was felt in the first fundraising has been considered to be particularly significant relative to the massive bear market that is being witnessed by all. It is one that has plagued the crypto market for over a year now.

The first round of the fundraising took place between October to the month of December, and during this time we witnessed the price of the Bitcoin sink from levels of $6200 to about $3800. At the moment the cost of the bitcoin remains at the levels of $3800, which is about 25% less it’s all-time highest value it was able to achieve.

Once the Klaytn platform has been launched for use by the general public, Hen went ahead to say the first goal for the Ground X is to ensure they have on-boarded about 10 million users accounts, all this happening in just the first year.

But the firm will not stop here as they are seeking to rapidly expand their current pool of employees, of which they have about 65 so far.

Initially, the messaging app will not be launched

The Ground X is expecting to fill the Klaytn with several services that have been developed by the third parties; this is including the travel and game apps.

To this effect, the company has gone ahead to join forces with about 26 companies that have already agreed to run their app with the Klaytn. A good example is a game development firm the Wemade Entertainment Co., one that has been considered to be a high-end Chinese travel agency the Zanadu together with the Watcha which has been established as a video streaming service operator; all three will be running their apps on the Klaytn.

Han stated that the apps will soon be made available and have millions of users on a daily on the platform.

Kakao has several popular services on the platform, but some will not be made available initially, this is including the KakaoTalk messaging app, this is according to Han. But he went on to say that one of the services offered on Kakao will be brought to the platform, but it is not all certain.

At the moment the primary goal for Ground X is to use the Klaytn platform as the middle ground for the best mobile services that are offered in the market together with having the best blockchain technology.

But if the company will be able to add the messaging app, then it will definitely be one of the growing messaging apps that is within the crypto and blockchain world.

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