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Kakao's Blockchain Unit Ground X Raises $90 Mln; Plans New Offering


Ground X Corp., the blockchain unit of South Korean internet conglomerate Kakao Corp., raised $90 million through a private coin offering, bloomberg reported.

The company, which would launch its blockchain platform Klaytn in June, is planning to repeat its coin offering as soon as this week for a similar amount, the report noted.

In December 2018, Kakao, a message-app operator, reportedly had announced its plan to raise around $300 million through Ground X to develop its own token.

According to Ground X CEO Jason Han, Ground X's blockchain platform will initially be filled with services ranging from games to travel apps from third parties.

Ground X has teamed up with 26 companies that will run their applications on the Klatyn platform. These companies include Korean game developer Wemade Entertainment Co., video-streaming service operator Watcha Inc. and a unit of Chinese high-end travel agency Zanadu, among others.

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