Getting a Head Start
As part of the latest group of South Korean firms venturing into blockchain such as the Kolon Group and the KT Corporation, KaKao, an Internet firm, has been able to raise an impressive $90 million in funding.
As reported on March 10, 2019, their crypto department was able to raise the funds through a private coin offering and now plans to start another round of funding form March 12, 2019, ahead of the launch of its crypto platform in June 2019.
What Happens Next
When the blockchain platform called Klatyn does go live, there are plans to include features such as applications for games and travel. As for whether the messaging app that KaKao is famous for will be added, management said it is still being considered.
In the meantime, KaKao is working with Ground X, their crypto unit, who are bringing in a total of 26 companies into their platform including Watcha Inc., a popular video streaming service with millions of users.
According to Jason Han, the chief executive officer of Ground X, there will be a wide range of applications added to the platform and they are currently working on bridging the gap between mobile applications and blockchain.
“There’s going to be a wide spectrum of services,” Han said. “We’re continuing to have conversations with KaKao.”
One of the best ways to do this, he says, is through mobile games because they are an easy sell for consumers and can gain a lot of traction.
Their traction ambitions are also high as Ground X is aiming to have about ten million registered users within a year. Hopefully, the addition of the popular applications to their platform and the next round of funding will push them closer to this goal.
It is impressive, to say the least, how much money large firms are willing to stake in blockchain projects. KaKao raised its $90 million funding through a private coin offering, which brings up the question of just how much funding blockchain firms could be bringing in if ICOs weren’t illegal in South Korea.