South Korean internet giant Kakao pumps $15M in Israeli blockchain startup Orbs

Kakao Investment, the venture arm of South Korean internet giant Kakao Corp., has made an investment in Israeli blockchain startup Orbs.

CoinDesk reported that Orbs raised 139,000 ether ($12,371,000) and 892 bitcoin ($3,017,026), which totals to around $15.4 million. The startup said that the funding will be used towards its protocol’s development and growth.

The investment follows the partnership between Orbs and Kakao’s blockchain subsidiary Ground X announced in August 2018. The companies agreed to partner on blockchain applications and research and development projects.

“Kakao Investment’s relationship with Orbs reflects our regional strength and the potential we offer to make blockchain a powerful growth engine for its business units. Kakao was among the first major tech companies to recognize that blockchain is the future, and Orbs is excited to be a bigger part of that journey,” said Daniel Peled, Orbs CEO and Co-Founder.

Orbs is a public blockchain that scales base-layer protocols. It serves as “universal second layer for decentralized applications in need of more secure, scalable, and cost-efficient solutions, while leveraging the liquidity of a base layer.”

With its production ready environment expected to go live in early 2019, the company is actively working with partners to help the onboarding process.

“Kakao Investment is focused on identifying key trendsetters and innovators in the blockchain sector and Orbs is a great example,” said Kris Park, Executive Director of Kakao Investment. “The company has developed an innovative business model and possesses unique technological capabilities, enabling us to support the company and maximize its potential.”