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Bloomberg revealed that Ground X, Kakao’s crypto unit, raised $90 million through a private coin offering. Kakao is South Korea’s biggest messaging company similar to China’s WeChat and to a lesser extent WhatsApp, but with far more functionality. The unit is planning another round of funding starting from March 12 in preparation for the launch of its new blockchain platform, Klaytn, in June.
Klaytn is Ground X’s initiative to improve the user and developer experience of using a blockchain platform. The aim is to eliminate some of the current blockchain features that are not user-friendly, such as private keys, wallets and cryptographic addresses. Klaytn focuses on creating a more seamless platform to encourage the adoption of blockchain technology.
In December 2018, Kakao announced plans to raise $300 million to develop its own token through Ground X. According to Jason Han, CEO of Ground X, this fundraising round reached its targets. Investors included IDG Capital, Cresendo Equity Partners and Translink Capital.
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