Kakao’s blockchain arm raises $90M in private token sale

posted 2 months ago
Ground X, the blockchain subsidiary of South Korean messaging giant Kakao, raised $90 million in a private coin offering. Ground X CEO Jason Han said IDG Capital, Cresendo Equity Partners and Translink Capital had participated in the round. The firm is also reportedly planning to raise “a similar sum” in another round starting Tuesday, before launching its blockchain platform in June.

Kakao launched Ground X to develop a blockchain-powered platform as a foundation for application developers. Kakao’s top execs said the plan was to integrate future blockchain-based services with Kakao’s existing internet offerings, such as the Kakao Talk messaging app.
Tags: blockchain, news