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Kakao's investment arm considers acquiring blockchain beauty startup Cosmochain's FitsMe service

Hair Salon.JuVecchi/Pixabay

Fri, 05 Jul 2019, 11:29 am UTC

It would appear that Kakao’s expansion ambitions simply can’t be stopped with the South Korean tech giant's investment arm reportedly considering the acquisition of FitsMe, a beauty dApp owned by blockchain startup Cosmochain. This is in what appears to be a bid to create one giant decentralized network of cosmetic services.

The development was covered by News 1 Korea, providing details as to what this new deal between Kakao Investment and Cosmochain is all about. Cosmochain currently owns FitsMe but Kakao is reportedly trying to change that. The details with regards to how far the acquisition will go have yet to be established, as well.

The acquisition is reportedly part of the efforts to launch a new beauty service by linking Kakao Hairshop, Kakao’s hair salon booking service, to Cosmochain’s upcoming blockchain-based beauty social media dApp Cosmee.

In a statement to TheBlock, however, Cosmochain did make it clear that this particular deal has no direct connection to the Kakao Harishop service. That said, it also said that it is not yet decided if the deal will only involve the acquisition of FitsMe or would be expanded to include Cosmochain's management rights as well.

Last month, Cosmochain announced that Cosmee will be serviced on Kakao’s blockchain platform “Klatyn” following the integration of its key functions and services into FitsMe.

Previously in February, Samsung selected Cosmochain as its first dApp partner and announced support for Cosmee on Galaxy S10.

In June, Kakao's blockchain subsidiary Ground X announced the go-live of Klaytn platform along with a number of major companies as participants including LG and Union Bank of the Philippines.

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