• Days
  • Hours
  • Mins
  • Secs
  • Mon, 16 Sep 2019, 02:49 AM
  • All times are UTC
  • Edition:
    International
Copy link
Increase text size
Decrease text size
Link copied

Kakao's blockchain unit Ground X secures $90M in private coin offering

Mon, 11 Mar 2019, 07:33 am UTC

Ground X, a blockchain subsidiary of South Korean internet giant Kakao, has raised $90 million in a private coin offering, Bloomberg reported.

Jason Han, CEO of Ground X, said that the initial funding round, which ran from October to December, achieved its target despite the crypto bear market. He said that the round saw participation from a number of venture capital and private equity funds including IDG Capital, Cresendo Equity Partners, and Translink Capital.

In October 2018, Ground X introduced its public blockchain platform, dubbed ‘Klaytn’, and launched its testnet version. The platform focuses on providing an optimized platform for service providers to develop and operate decentralized applications (or DApps).

According to the report, Ground X is planning another round with similar target, starting March 12, ahead of the platform’s launch slated in June.

Han told Bloomberg that Kakao is also considering launching one of its services on Klaytn. Ground X has already entered into partnerships with 26 blockchain projects that will run their applications on the platform.

The initial service partners include Wemade Tree, which will work with Klaytn to build a blockchain game ecosystem; Nabu Studio, the operator of Sportsplex; 'Contents Protocol,' a content review data platform powered by 'Watcha', and others.

“There’s going to be a wide spectrum of services,” Han said. “We’re continuing to have conversations with Kakao” about introducing its apps, he said.

According to Han, gaming apps have the highest potential to gain traction on Klaytn. He said that Ground X will aim to grow its user base to 10 million accounts within a year as well as expand its team.

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
More
  • Bitcoin (BTC) $10,374.50 (+0.30%)
  • Ethereum (ETH) $194.33 (+3.55%)
  • XRP (XRP) $0.263200 (+0.59%)
  • Bitcoin Cash (BCH) $308.05 (+0.91%)
  • Litecoin (LTC) $71.85 (+1.64%)
  • Bitcoin (BTC) $10,374.50 (+0.30%)
Sep 13, 2019 (Friday)
11:12
Libra Association head confident about crypto launch in H2 2020
10:42
Blockchain industry welcomes Mastercard-R3 collaboration, but skeptical about the future of private networks
09:52
tZERO to bring blockchain to film financing via new partnership
09:11
France mulls blocking Facebook's Libra project on European soil as FINMA chief weighs pros and cons of the cryptocurrency
07:26
Thailand's PTT, Energy Web Foundation to develop blockchain renewable energy marketplace
07:17
Russia’s Alfa-Bank launches liquidity management service on Waves Blockchain
06:40
Zelle co-founder Mike Kennedy replaces Adam Ludwin as CEO of Interstellar
06:34
Crypto Technicals: XMR/USD recovery lacks traction, price action capped below 21-EMA (75.86)
05:56
Crypto Technicals: BTC/USD trades range-bound, no clear directional bias
05:03
PundiX to launch a fully blockchain-powered phone Blok on Blok (BOB)
04:54
Cryptokitties maker Dapper Labs secures $11.2M to develop blockchain Flow, scores deals from Warner Music, Ubisoft
04:48
Crypto exchange Huobi likely to attempt backdoor IPO in Hong Kong
03:49
Binance's NYDFS-approved stablecoin BUSD is now live on Paxos, to be listed on Binance next week
03:33
Deutsche Telekom's T-Labs launches blockchain e-mobility pilot 'Xride'
Sep 12, 2019 (Thursday)
12:24
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
12:13
Binance Futures to go live on September 13
11:43
Santander issues $20M bond using Ethereum blockchain
08:55
Binance US to open user registration next week
07:38
Marshall Islands to launch a pre-sale for its blockchain-based national cryptocurrency
06:38
United Kingdom leads with most number of registered cryptocurrency exchanges: Study
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft