Kakao is pushing its expansion plan for Klaytn, its legacy blockchain platform, to Singapore to meet its globalization quest.
The Korea Herald reported Monday that the Klaytn Foundation and Krust, Kakao’s new blockchain-based entities, had been established in the city-state. Krust is a global accelerator for the adoption of blockchain. On the other hand, the Klaytn Foundation is a non-profit organization.
As per its plan in Singapore, the internet company will leverage the two companies to facilitate large-scale infiltration of its Klaytn blockchain project.
In addition, the foundation proposes its mission of active and systematic work in expanding the Klaytn network. The foundation made this disclosure in early August during its inception.
In addition, the foundation declares its willingness to include both human and financial resources in its commitment. It confirms that this will increase the rate of growth of its ecosystem and deepen the development of its blockchain technology.
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Kakao’s $ 300 million development war chest supports expansion in Singapore. In addition, as part of its expansion budget, the company has set up an improvement reserve fund dedicated solely to maintaining services.
Cocoa expansion trend
Similar to other well-known South Korean conglomerates, the internet company is showing an upward trend in blockchain technology. Recall KT Corporation’s announcement in December 2019 for their plans for a cryptocurrency project in Busan. The implication rubs off on the participation of every reputable South Korean conglomerate in blockchain-based investments.
Cointelegraph reported on the company’s most recent bid to lead the South Korean Central Bank’s Digital Currency (CBDC) project. Also in April, ConsenSys, a blockchain development company, started private version development of Kakao’s Klaytn network. This was prepared for the CBDC pilot’s option.
It is expected that the Bank of Korea alone will select its appropriate technology partner for the CBDC pilot planned later in August. In its serious attitude, Kakao has a report of over 32 collaborations with Korean and other companies. These are all fragments of the Klaytn Governance Council.
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As a company, Kakao has a dream of keeping up with other major Asian conglomerates like Naver in the Asia-Pacific blockchain theater. In addition, Naver has expansion plans for its Line blockchain project. The plans go beyond Japan to Southeast Asia.
Featured image from InfoQ