South Korean internet giant Kakao expands blockchain business to Singapore

According to reports, Singapore is Kakao’s next port of call for its traditional blockchain platform Klatyn to set a globalization agenda.

According to a Report According to a report from the Korean Herald on Monday, Kakao has established two new blockchain-based entities in this city-state-the Klatyn Foundation and Krust. The Klatyn Foundation is a non-profit organization, and Krust is a global accelerator for blockchain technology.

Kakao plans to use these two entities to facilitate the widespread penetration of its Klatyn blockchain project in Singapore. The Kakao Foundation stated its mission during its launch in early August, stating that it will “proactively and systematically” expand the Klatyn network.

The foundation added: “We will actively invest human and financial resources to developers and companies in the blockchain world to accelerate the development of our ecosystem and technology.”

Singapore’s expansion is supported by Kakao’s $300 million blockchain development fund, which also includes an improvement reserve fund for service maintenance purposes.

Like other major Korean conglomerates, Kakao is optimistic about blockchain technology. In fact, when KT Corporation announced its plans to launch a digital currency project in Busan in December 2019, the news meant that every major Korean conglomerate had participated in blockchain-based venture capital.

related: South Korean internet giant bids for central bank digital currency pilot

According to Cointelegraph, in China, Kakao recently submitted a bid for a pilot project of the Korean Central Bank’s digital currency project.As early as April, the blockchain development team ConsenSys started to develop a private version Kakao’s Klatyn network is preparing for a possible central bank digital currency (CBDC) pilot.

The Bank of Korea is expected to select technology partners for the CBDC pilot later in August. According to reports, as part of Klatyn’s governance committee, Kakao also cooperates with 32 South Korean and foreign companies.

According to reports, one of Kakao’s goals is to keep pace with other major Asian conglomerates such as Naver in the Asia-Pacific Blockchain Theater. Naver is also expanding its Line blockchain project Not only in Japan, but also in Southeast Asia.