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South Korea’s Kakao sets up two entities in Singapore to accelerate the global expansion of its blockchain business

The Kakao Group has allocated $300 million for the global expansion of the Klayton platform.

Image by: William Cho / Flickr

Mon, 16 Aug 2021, 16:14 pm UTC

South Korea’s internet giant Kakao Group is moving ahead with its global expansion plans starting in Singapore. The company just established two blockchain entities to pave the way for the worldwide expansion its blockchain platform.

Kakao, which operates the popular messenger app KakaoTalk, has established the Klaytn Foundation, the company’s non-profit organization based in Singapore, according to the Korea Herald. The foundation’s aim is to accelerate the sustainable growth of the company’s Klaytn blockchain platform.

The South Korean internet giant also recently established Krust, its global accelerator unit for the adoption of blockchain technology. Headed by Dean Song, Krust will work with the Klaytn Foundation to help the group accelerate its expansion goals.

The Singapore-based Klaytn Foundation, together with Krust, will now lead in the Klaytn blockchain development and ecosystem expansion worldwide. The project was previously led by Ground X, a Kakao affiliate based in Seoul, which developed the open blockchain platform back in 2018.

“We will expand the Klaytn World - more proactively and systematically,” the foundation said in its official launch in August 10. “We will actively invest our human as well as financial resources in developers and businesses of the blockchain world to accelerate the growth of our ecosystem and the development of our technology.”

The Kakao Group has allocated $300 million for the global expansion of the Klayton platform. The funds will be used to invest in developers and startups to accelerate the blockchain network’s expansion. The group also set up a “Klaytn improvement reserve” fund for the maintenance of the blockchain ecosystem.

Kakao has already secured the agreement of 32 domestic and foreign companies to form the Klaytn Governance Council, a group that will make decisions for the Klaytn blockchain ecosystem. These companies include SK Networks, Amorepacific, and the Philippine-based financial institution Union Bank.

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