Kakao’s Ground X to launch blockchain platform on June 27

Kakao’s blockchain subsidiary Ground X has revealed that it will launch its blockchain platform on June 27, 2019, Cointelegraph reported.

In March, Ground X released the public testnet of its public blockchain platform Klaytn, called ‘Baobab,’ which followed the trial run of the private testnet 'Aspen’ started in October 2018.

Klaytn focuses on providing an optimized platform for service providers to develop and operate decentralized applications (or DApps). It has partnered with 26 initial service partners to create real use cases thereby seeking to substantiate the value and utility of blockchain technology.

Ground X raised $90 million in a private coin offering which saw participation from a number of venture capital and private equity funds including IDG Capital, Cresendo Equity Partners, and Translink Capital.

Jason Han, CEO of Ground X, said at the time that Ground X aims to grow its user base to 10 million accounts within a year as well as expand its team.

Kakao is a South Korean internet giant and the operator of the country’s dominant mobile messaging app Kakao Talk. In addition to messaging, the company has its presence in a number of other sectors including gaming, content services, financial services and mobility services.

The company reportedly plans to raise a total of $300 million through its blockchain subsidiary to develop a native token. Following the launch of Klaytn mainnet, it intends to release an integrated crypto wallet in KakaoTalk, Cointelegraph reported referring to Fnnews.