Kakao Invests In A Blockchain Startup
Kakao Investment, the provider of Korean’s most popular mobile messaging app, announced its financial support towards a blockchain startup. It’s a part of Kakao’s long-term development strategy that the world has heard of many times this year.
Earlier this year, we’ve heard about Kakao’s first succeeding achievements in the blockchain industry. The news about Kakao’s plans of creating a new coin and starting an ICO in South Korea has quickly spread across the world. Then, there has been the breaking news of Ground X’s (Kakao’s subsidiary) blockchain platform launch. Now, the time has come for another development. What is it?
The word has spread around the Internet about a new investment of the South Korean business gigant. This time, Kakao Investments has offered a financial support of an unknown amount to an Israeli blockchain startup – Orbs. It will certainly help the firm evolve and provide the South Korean concern a technological ally for the future. Kakao’s funds, however big they are, will become a good investment for both the messaging app provider and its new partner.
The beginner’s luck?
The startup seems to be very delighted with the partnership. Cooperating with such a big player as Kakao Investments surely is an achievement to brag about. The news about the deal was immediately shared on Orbs’ Twitter:
— Orbs (@orbs_network) 13 grudnia 2018
The startup didn’t disclose any more specific details of the deal or mentioned the investment sum. But Orbs did mention what the funds will be used for. Apparently, Kakao’s money will contribute to the development and growth of the company’s existing partnership with Ground X, Kakao’s subsidiary. The partnership between those two had already been made earlier this year. Kakao’s recent decision is just a further step towards creating a fruitful cooperation.
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