South Korea’s largest mobile carrier Kakao Corp has launched another company’s subsidiary in Singapore to attract foreign investors via digital assets, according to a report published Nov. 21 by a local news outlet.
As per the report, Kakao Corp launched a “special” corporation in Singapore yesterday. The corporation is meant to attract foreign investors through virtual currencies. Referring to an earlier statement released by the Singapore Chamber of Commerce, the company said that Kakao plans to create another “special” corporation in Singapore. The new corporation, according to the report, will focus on managing the investments.
Oct. 8, news outlets reported that Ground X, another subsidiary of Kakao Corp, launched their blockchain-based platform called “Klaytn.” The platform intends to “improve the inconvenient UX of existing blockchain platforms by allowing end-users to experience blockchain tech flawlessly.”
The Klaytn was intended for different industries including finance, video streaming, social media, gaming, and entertainment. In the future, the company plans to make Klaytn open source software.
Last week, it was also announced that Kakao and stablecoin Terra had signed a strategic partnership. The agreement signed on the 14th of November is aimed at helping Terra built a blockchain-based payment system.
“Speed, stability, and reliability are the most important issues in the blockchain-based payment system,” the co-founder of Terra Shin Hyun-Seung said. “Terra will cooperate with Klaytn in coming up with ideas to solve the issues and offering services that give actual benefit to users.”
The South Korean messaging giant plans to attract around 88 million USD from foreign investors through Klaytn in December. The company also said that Kakao Ground X offers a digital token issued by the company rather than a legal tender or stock.
On the 10th of August, Singapore-based venture capital company Golden Gate Ventures (GGV) announced the launch of a $10 million fund for cryptocurrency and blockchain investments. According to Reuters, the GGV, one of Southeast Asia’s venture capital firms, will invest in cryptocurrency-based startups including blockchain tech startups, security providers and crypto exchanges.