Korean Internet Firm Kakao Eyes Blockchain Expansion To Singapore

Usman Zafar

4 years ago

2 mins read

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Kakao pushes its expansion plan to Singapore for Klaytn, its legacy blockchain platform, following its globalization quest.

Reporting on Monday, The Korea Herald disclosed the city-state establishment of the Klaytn Foundation and Krust, the new blockchain-based entities by Kakao. Krust is a worldwide accelerator for the adoption of blockchain. On the other hand, the Klaytn Foundation is a charitable organization.

According to its plan in Singapore, The Internet firm will utilize the two entities to facilitates a broad-based infiltration of its Klaytn blockchain project.

In addition, the Foundation proposes its mission of active and systematic operations in its expansion of the Klaytn network. The Foundation made this disclosure earlier in August during its launch.

Additionally, the Foundation states its ready to involve both human and financial resources in its commitment. It affirms that this will increase the growth rate of its ecosystem and deepen the development of its blockchain technology.

The $300 million development war chest of Kakao backs the Singapore expansion. Furthermore, the company inculcates an improvement reserve fund dedicated solely to service maintenance as a part of its expansion budget.

Kakao’s Trend of Expansion

Similar to other reputable South Korean Conglomerates, the Internet firm exhibits a bullish trend on blockchain technology. Recall the announcement of KT corporation in December 2019 for its plans for a cryptocurrency project in Busan. The implication rubs off on every south Korean reputable conglomerate’s participation in blockchain-based investments.

Bringing it down, Cointelegraph reported of the recent bid submission by the firm to spearhead South Korea’s central bank digital currency project (CBDC). Also, in April, ConsenSys, an outfit for blockchain development, started a private version development of Kakao’s Klaytn network. This was made in readiness for the possibility of the CBDC pilot.

On its own, it is expected that The Bank of Korea will choose its suitable technology partner for the CBDC pilot scheduled later in August. In its reputable stance, Kakao has a report of over 32 collaborations with Korean and other firms. These are all fragments of the Klaytn Governance Council.

Kakao, as a company, has the dream of maintaining its pace with other main Asian conglomerates such as Naver within the Asia-Pacific blockchain theatre. Moreover, Naver has expansion plans for its Line blockchain project. The plans move beyond Japan to Southeast Asia.

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